Insurance for Food Markets

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Frequently Asked Questions

Why do Food Markets need insurance?

Food markets consist of establishments that retail both fresh and frozen food. Establishments in this industry will often sell fresh fruits and vegetables, frozen and fresh fish, and different types of meat and poultry. Butcher shops, fish markets, and fruit stands are considered to be a part of this industry.

Running a food market comes with plenty of risks. Accompanying those risks are the expenses your business could face that would potentially drain not just your profits, but your personal assets as well. Your insurance will protect your business by paying the fees of the covered incidents that your business might face. It is your business’s safety net that protects not just your business but your personal assets as well.

What risks do Food Markets face?

If a customer scraped their leg on a basket at the farmer’s market it may not require medical attention, but the customer could file a claim against your business that could cost thousands in damages.

  • Most common in a food market is a slip and fall incident where a customer or vendor trips over an obstruction causing personal injuries.
  • A tent could become dislodged causing damage to other’s property, products and can injure people.

Thousands of people are hospitalized each year because of food-borne illnesses. And if your business is the cause of these damages, you will pay for the personal injury your produce might have caused and possibly a lawsuit.

How much does insurance for Food Markets cost?

Insurance carriers will normally ask for the size of your food market, the number of employees you have and the coverage needed. Without taking these into account, below are the average cost of your insurance policies:

  • Business Owners Policy (BOP) costs around $900 in annual premiums.
  • Workers' Compensation costs around $1000 in annual premiums.
  • Business Interruption Insurance costs around $500 in annual premiums.

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