As a small business owner, your participation in various Labor Day events generates a substantial amount of business revenue that helps you through the slower months of the year.
With that being said, there is always the potential for something to go wrong. For that reason, you need to have vendors insurance protection coverage in place before you attend a community event this Labor Day.
What is Vendor Insurance?
Vendor insurance opens in a new window provides you with a protective barrier so that you can participate in community festivals and other public events that peak your interest without worry. In these situations, the potential for something to go wrong is higher than you may see in the daily course of your business operations.
Having insurance coverage in place provides you with financial protection from the expenses that any malfunction or accident that occurs. When the unthinkable happens, your insurance coverage kicks in and handles any claims that result from the accident as well.
A vendor insurance policy is often separate from your normal business insurance policy. It allows you to conduct business at a location other than your main office or showroom.
With Labor Day around the corner, this type of insurance policy will make it possible for you to participate in as many local celebratory events as your schedule can handle. You receive coverage for operating a stand alone booth at a local fair or as part of a larger vendor circle at a community barbecue event.
Why You Need Vendor Insurance
It impossible for you to put the necessary steps in place to prevent accidents or injuries from occurring. Despite your best efforts to protect yourself, your staff and the general public, there is still the potential for something beyond your control to go wrong.
Your product can unexpectedly malfunction, causing a small fire or electrical shock that results in injury. If you are selling food items, you or someone else can easily suffer a skin burn upon coming in contact with hot cooking oil or food products.
During a product demonstration, an employee may sustain an injury or the power may go out, causing your product to fail and customers to walk away. Any number of different situations can occur, resulting in lost sales, bodily injury or property damage that your business quickly becomes responsible for as a result.
You must now pay for the damages out of your pocket, which takes money away from your profit margin. Vendor insurance gives you the financial piece of mind necessary to keep your business opens in a new window afloat when the unthinkable happens.
Many venues holding festivals and other Labor Day events, often require you to have vendor insurance in place before allowing you to participate in an activity.
Your local government office may require you to have this type of insurance as well when participating in local Labor Day festivities. Having this type of insurance reduces the risk that a venue or local government office faces when something goes wrong.
As the host of an event, they still bear some degree of responsibility when an accident or injury happens. However, as the vendor directly responsible for the situation, you bear a larger percentage of responsibility.
Therefore, you will need to submit proof of your business having vendor insurance along with your event participation application. Failure to provide proof or submit it with your event application may stand in the way of you participating in an event of interest.
How to Obtain Insurance Coverage
You should consider obtaining vendor insurance coverage opens in a new window as soon as possible when you find a Labor Day event of interest in your area. Before you purchase an insurance policy, read through the relevant documentation to ensure the policy provides you with all the coverage you need for the upcoming event.
Do not be afraid to ask questions if something appears confusing or needs additional clarification to help you determine whether or not it is the right policy for your business. A reputable insurance provider will not hesitate to provide you with any assistance that you may need.
During the policy application process, you will need to provide basic information on your business. These details include your contact information, company name and number of employees that are part of your business operations.
A potential insurance provider will also want additional information regarding the event you have in mind. For that reason, you need to have event details such as the date and time of the event and the amount of coverage you are looking for handy during the application process.
A Final Thought
Vendor insurance is good to have when you want to participate in an upcoming Labor Day community event. It works to keep you and your business safe when the unthinkable happens during an event.
As Labor Day quickly approaches, don’t get caught without vendor insurance in place so you can make the most of the upcoming holiday.
If you have any questions or concerns, please feel free to contact us opens in a new window!