Getting vendor insurance, even if you only get it for a single day, is a must if you regularly participate in public events. many providers assume they can only buy insurance on an annual basis and as a result spend too much on their policy or skip insurance altogether.
Obviously, neither outcome is ideal, which is why insurers have begun offering provider insurance for one-day events. We’ll walk you through everything you need to know about carrier insurance in a day: from the basics (what is carrier insurance in the first place?) to day?).
Reading: What is vendor insurance coverage
what is provider insurance?
In a nutshell, vendor insurance provides coverage for claims and lawsuits resulting from your company’s participation as a vendor in an event. This could include claims against your business based on foodborne illness, injury, or property damage. In the event that an applicable claim is made against your business based on injuries or damages that occurred during an event in which you were a supplier, then your insurance would cover the costs of defense and claims up to your policy limits.
Let’s say, for example, that one of your employees accidentally spills water on an expensive speaker and breaks it, and the event manager puts his business in jeopardy for the cost of replacing it. in this case, he will have to file a claim with his insurance company. If your claim is approved, your provider’s insurance company would help your business pay to replace that speaker, or fight the event manager’s claim in court, if you choose.
what is not normally covered by provider insurance
vendor insurance generally applies to vendors that are a small part of a larger event. That said, most provider insurance policies will not cover certain types of providers. For example, if you set up booths at gun shows to sell guns, it will be difficult to find a dealer insurance policy. very few insurance companies are willing to cover bartenders who serve alcoholic beverages. If you work as a vendor that specializes in something that is generally considered dangerous, you may need to seek out specialized insurance.
That also goes beyond weapons and alcohol. Finding insurance providers for fireworks businesses, tattoo businesses, or weight loss supplement businesses can be difficult. Some insurance companies are even hesitant to provide provider insurance to face painters. If you plan to vendor a larger event in one of these capacities, don’t wait until the last minute to try to find vendor insurance for the day; it might be more difficult than you expect.
why bother with overnight provider insurance?
Vendor insurance, even if it’s just a one-day policy for an event, is a significant investment for most vendors. You’ve probably heard it before, but you may still be wondering why it’s an important investment.
If you’re only working an event for a single day, it’s tempting not to go to the trouble of purchasing a vendor insurance policy. but there are a few reasons why this is a risky move.
For example, many event managers require all participating vendors to have vendor insurance, but very few pay for it themselves. Thimble will soon offer general policies on request for event managers, but there is no guarantee that all organizers will take advantage of this offer. Most event organizers require a certificate of insurance from vendors as proof that they will have a vendor insurance policy for the event in question.
More generally, provider insurance is important because it provides coverage for provider-specific claims and injuries. A standard general liability insurance policy may not match the exact risks involved in participating as a vendor in an event. Selecting the provider add-on to your general liability insurance policy through thimble ensures your coverage best suits your needs and makes any claim you file more likely to be covered.
opportunities that often require provider insurance
Establishing yourself as a supplier to a larger event is a sure way to gain exposure to new markets. you can set up shop in a widely publicized meeting, without having to generate or pay solely for that publicity. Being a vendor at an event means new eyes see your brand, and word of mouth could increase exponentially for your business as a result. Here are some examples of opportunities that could give your business this exposure, and which of course may require you to have a vendor insurance policy.
Trade shows are a proven way to gain contacts and clients in the industry. Let’s say, for example, you’re starting a hair care business that you want local salons to start using and selling to their customers. You can set up a table at a beauty industry trade show and attract local hair care professionals to your table. but you also need to access vendor insurance for the day of to ensure you are protected against claims and injuries that may occur during the trade show. buying vendor insurance for a day could well be worth the valuable b2b leads that trade shows often offer.
Conferences are another valuable way to gain access to industry-specific exposure as a supplier. You can make your business known to industry professionals without paying for the powerful advertising that conference managers provide. Like trade shows, conferences often require a vendor insurance policy for the duration of the event, whether it’s one day or a full week.
Selling at festivals is also a great opportunity for small businesses. Although the exposure they offer may not be as industry-specific as trade shows or conferences, festivals are a wonderful way to get in front of consumers without overtly advertising your product. Plus, festival-goers are more likely to try out their offerings than the average window shopper, whether you’re selling artwork or serving hot dogs.
With this broader exposure comes the need for coverage. Vendor insurance helps protect your business from any claims that new clients or festival managers may bring against your business. The fluid nature of a typical festival, whether it’s a music festival or a tulip festival, makes vendor insurance all the more necessary for your business.
Events like flea markets and farmers markets are wonderful ways for businesses without storefronts to establish themselves in central locations. Flea markets allow antique and vintage curators to have their collections on display for many high-end buyers.
On the other hand, if you have your own farm in a rural area and want to be able to reach cities full of hungry customers, being a farmer’s market vendor is the easiest way to do it. As with most events where you would set up a booth or table, these markets also require vendor insurance so you can protect your business from claims that could be brought against you.
a (relatively) new vendor-centric phenomenon taking the small business space by storm? Pop-ups Also known as flash or temporary retail stores, pop-up stores are when small businesses pay to set up a physical store in an area of high foot traffic for a short period of time. Pop-ups can be restaurants, too: An up-and-coming chef can borrow a kitchen and dining room from another restaurant on the day the host restaurant is closed.
Pop-ups are a valuable way to try out a product or service without investing in real estate or signing a lease. Or, if your business is internet-based, pop-ups can allow you to try traditional retail without fully committing to a store. If you want to take advantage of a part of the 92% of purchases that are still made offline, then a pop-up store is a low-commitment way to try it.
The host of your popup may require your business to purchase a provider insurance policy before setting up your spread. Be sure to clarify the details to see what kind of insurance a pop-up host might require from your company.
how to get supplier insurance for a day
So now that you’re familiar with all the reasons why you need to get provider insurance, whether it’s for a day or a year, let’s talk about the process of accessing short-term provider insurance for one-time events. like the ones we highlighted above. Fortunately, this is the easy part.
With thimble’s vendor add-on to our events and entertainment insurance policies, getting vendor insurance for a day is incredibly easy. the thimble app lets you purchase provider insurance for a day for as little as $10 per day.
In fact, you can purchase hourly provider insurance for as little as $5 per hour. Thimble policies come with $0 deductibles and a limit of $1 or $2 million as well. Even though these provider insurance policies are remarkably affordable and customizable, they still offer top-tier coverage underwritten by a qualified Markel insurance company.
seller insurance for a day: the bottom line
Vendor insurance for a day is now a possibility for your business. you can customize your coverage down to the hour for events you participate in on and off. That said, if you regularly participate in events like trade shows, farmers’ markets, conferences, or pop-ups, be sure to calculate the total cost of short-term vs. long-term plans. If you’re a regular provider for larger events, it might be worth investing in a monthly policy rather than getting day-to-day provider insurance.