3 Huge Advantages of One-Day Vendor Insurance
Imagine a friend coming to you and saying, “Hey, if you ever get in trouble, I’ve got your back. Oh, and I have millions of dollars.” That is essentially what insurance companies do. For a relatively small fee, they back you with large sums of money. However, most policies charge you on an annual basis. If you only need insurance for a single event, this presents a problem. Enter one-day vendor insurance.
One-day vendor insurance means that, instead of paying for an annual policy, you only pay for the days when you are at an event. Although there are several advantages to buying coverage this way, here are the 3 biggest ones.
1. One-Day Event Vendor Insurance Is Affordable
Let’s say that you only go to a few events a year, with each event only lasting for one day. It may not make sense for you to buy annual coverage because you won’t get full use from that policy. Instead, it could make more sense fiscally to buy one-to-three day vendor insurance for each show that you attend.
One-day vendor insurance could cover you in liability cases that may stem from an incident from an event that you attend.
2. Most Event Managers Require You to Have Liability Insurance
One of the biggest risks an event assumes is that people who attend may get hurt at a vendor’s booth.
Let’s take a look at why events require insurance from their vendors.
Say that a customer is in your booth, trips over something, and injures themselves. That person can then file a lawsuit against everybody involved; not just you. For event organizers to protect themselves from the risk vendors may cause, they require you to have liability insurance. The costs associated with defending yourself in court, even if you are not found to be at fault, can be financially debilitating.
Our show policy lasts 1–3 consecutive days and provides $2 million worth of liability coverage starting at a very affordable rate ($49). This leaves you with more capital to spend on other aspects of your business, like advertising to your followers through social media that you’ll be attending the event!
3. One Day Vendor Insurance Gives You Peace of Mind
Whether you’ve been to craft fairs, festivals, or shows, there’s one thing we all know,— it’s a hectic few days. You’ll have hundreds, if not thousands, of people walking by your booth, inspecting your merchandise, and asking you questions.
It’s a great weight lifted off your shoulders to know that if one those people trips over an extension cord or pulls a display down on top of themselves, you may be covered if they decide to sue you. Or, if a windstorm comes up during an outdoors event and blows your display into another booth, damaging their products, those losses may be covered.
These incidents may sound like something that only happens to someone else, but it only takes it happening once to leave you on the hook for tens of thousands of dollars in legal fees and damages.
Where To Buy One Day Vendor Insurance
If you are looking to go to an event for a day and it doesn’t make sense to buy annual coverage, check out our show policy.
You can buy vendor show insurance in increments from 1-7 or 90 days. This expands the number of events that you are allowed to attend and give you the peace of mind that should something go wrong, you have coverage in place.
Instead of paying for an annual policy that will cover you for the other 364 days that you don’t need vendor insurance, buy one day vendor insurance. You’ll have the same general liability coverage as an annual policy all for a fraction of the price.*
*Please note that our show policy does not include product liability insurance. For product liability coverage, you must purchase an ACT annual policy.