Market Trader Insurance Advice Please.

[Victoria.]

Hi,

I am going to be setting up a market stall selling vintage clothes and home wares and I am filling out a form for insurance which is asking the following questions:

What is your estimated annual wage roll?

What is your estimated annual turnover?

I'm not sure how to answer these questions because I am looking at this venture as more of a hobby then a job. I hope to break even with what I have laid out for pitch fees, insurance, table, gazebo etc and any money I make on top I plan on buying more stock with.

If anyone could offer any advice I would be grateful.

Viki.

 

[MOIC]

Guesstimate based on the anticipated days you will be working multiplied by your estimated takings.

Say you are planning to work 2 days a week and you anticipate taking £100 per day with a 50% profit margin, then your calculation will be:

Estimated Annual Turnover: 52 * (2*£100) = £10,400:00

If you plan on paying yourself (from the above estimated profits) 20% of your turnover (which is reasonable, then your calculation will be:

Estimated Annual Wage/Drawings: 52 * £40 = £2,080:00

Good luck with your trading!

 

[WaveJumper]

Might be a useful link for you
https://www.nmtf.co.uk/

 

[Scalloway]

What is your estimated annual wage roll?

Unless you are employing people I would expect that to be zero.

 

[MBE2017]

Would recommend the NMTF as well, not the cheapest but universally recognised, you get correct insurance as part of the membership cost, you get a credit card sized card with the details on, used to always carry mine everywhere.

Much easier than carrying docs around, normally you would only save £10-20 pa at best elsewhere.

 

[WaveJumper]

And you get a nice A4 certificate you can frame and put on show.

 

[Victoria.]

Guesstimate based on the anticipated days you will be working multiplied by your estimated takings.

Say you are planning to work 2 days a week and you anticipate taking £100 per day with a 50% profit margin, then your calculation will be:

Estimated Annual Turnover: 52 * (2*£100) = £10,400:00

If you plan on paying yourself (from the above estimated profits) 20% of your turnover (which is reasonable, then your calculation will be:

Estimated Annual Wage/Drawings: 52 * £40 = £2,080:00

Good luck with your trading!

Thank you, really appreciate the break down.