Insurance isn’t necessary for everyone, but if you do a lot of markets and some are outdoors, it can be the only way that you will get a refund on your booth fees and other things like travel if the event gets rained out. Many times insurance costs more than it’s worth, but it’s important to know that such things as weather insurance do exist.

You can also get business insurance in case your assets are damaged, though many makers are too small for this to be of benefit. Let’s say you get insurance and something gets damaged, normally you have to pay a deductible which is higher than the items worth. Or the annual fees are raised due to the damage claim, to a cost higher than what the item is worth.

For example, if there is a theft of cash of $2,000, the deductible may be $2,500. If one had better insurance with a lower deductible, one would probably pay more than $2,000 a year for it, so in the end, it wouldn’t be worth it anyway!

Many times as a small business, insurance is not worth it, but if you have an emergency and need to cancel a market, you must be willing to eat that cost if for some reason you do not get a refund. If you are risk-averse and want to always be safe, ask around for a local insurance provider.

Word of Caution: This is one area that scams can occur, so find a reputable and trusted company when possible.

Here’s a great article on the types of business insurance available to you and how to select one!

Have a good resource for business insurance? Share the wealth in the comments below!

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