Folksy Ltd

Help! What is public and product liability Insurace?


(Hollie Eccles) #1

Hi all,

I need some words or wisdom as I’m a bit new to this “running your own business” malarky and need some help!

I have applied for some craft fairs in 2016 and for one event it is a requirement to have public and product liability insurance and evidence of it must be submitted with the booking form.

Is this something that I have to apply for through the bank or through someone externally?

Sorry if this is a really stupid questions!

Thanks!

Hollie xxxx


(Sasha Garrett) #2

Public liability insurance covers you if someone injures themselves on your stall/ property and you have to cover medical bills/ legal fees etc. Product liability insurance covers you if someone injures themselves on your product. You can obtain this sort of insurance from companies like
http://www.gmisl.co.uk/site/products/craftinsure-starter/
http://craftinsurance.co.uk/
You would then need to show a copy of the insurance certificate to the event organiser. Make sure that any policy you take out covers the geographical regions you sell to - USA isn’t included as standard in most of them.
Hope that answers your question.
Sasha


(Samantha Stanley) #3

Hi Hollie!

No, it’s just an insurance policy. Some fairs include their own umbrella policy within the cost of your table, whereas some others like you to provide your own insurance. A yearly policy will work out as more reasonable than cover for one event if you plan to do maybe 1 fair every other month.

Love Sam x


(PaulsJewels) #4

Same as the above really, the big events ALL ask for 5mill coverage in our region. And to be honest i wouldnt be without it. It just takes one little so and so with pound signs in their eyes to make a claim be it false or not and without it then simply a small craft trader would be in trouble lol We found that Hiscox were the only company to offer a GOOD price that covers lots of events per year, everything that is sold internationally etc and they were the most flexible on details they wanted from us too. Quotes for policies are free so it wont hurt for you to ask around nomatter what you choose to do.


(Sue) #5

Artists newsletter do one of the cheapest, and it is so easy to do online, you can print it off and take it with you too


(Hollie Eccles) #6

Thanks for the advice everyone! Looks like I need to do some research.

Everyday a school day :slight_smile:

Hope you all have a very happy Christmas and New Year xxx