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More than just insurance - Roy Holland explains the benefits of belonging to the National Market Traders' Federation
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| The Borough Market in London |
ASK a member of the National Market Traders' Federation why he or she joined the organisation and the reply will invariably be because of the unrivalled business insurance it provides.
Yet while it is undoubtedly true that the NMTF provides an excellent insurance package for the individual trader, the work it carries out on behalf of its 36,000 members is of vital importance to the industry as a whole.
The federation was founded in 1899 by a group of South Yorkshire market traders who felt there was a need for an organisation to represent their collective interests.
Since then the NMTF has grown by leaps and bounds, so that today the majority of market traders throughout the UK.
The ruling body of the federation is the executive board, elected for three years. The officers and committee are almost invariably full time market traders - so it can honestly be said that the NMTF is an organisation run by market traders, for market traders.
The federation's head office is at Hoyland, near Barnsley in South Yorkshire. There staff ensure that problems and enquiries from members are dealt with promptly and efficiently.
National officers are always on hand to offer useful advice on any aspect of markets and market trading.
The NMTF works at local, national and international government level in an effort to protect the interests of both its members and the retail markets industry.
On the one hand, though its branch structure, it will act as negotiator between traders and operators, usually a local authority, on all aspects of the market operation.
Internationally, the federation is closely linked with sister organisations in mainland Europe in an effort to react to and perhaps even influence the flood of EU legislation that affects small businesses.
The NMTF also seeks to lobby national government on issues concerning market traders through an increasingly influential All-Party Parliamentary Markets Group, which meets regularly at Westminster and has two peers as its joint chairmen.
This summer, in an effort to raise awareness of the importance of markets, the APPMG launched an extremely successful MPs Support Their Markets Week, where politicians were invited to visit their local market and see for themselves what they provide.
The federation also stages a Making Markets Matter campaign, which through free competitions and general fun encourages people to visit their local market (more details at www.makingmarketsmatter.org).
All that aside, the federation provides essential insurance cover for market traders. This includes cover for:
Public liability claims up to £5 million (most operators insist on this)
Product liability claims up to £5 million (including food poisoning and ear piercing)
Up to £10 million employer's liability cover (compulsory if someone is employed, even on a casual basis).
There is no excess to pay on claims for any of the above.
Federation insurance applies to any market in the United Kingdom whether the member stands personally or not. The cover is effective for an unlimited number of markets, and extends to markets anywhere in the EU although to take out membership the trader must be resident in the UK.
Cover for the cost involved in Inland Revenue investigations and VAT tribunals is included in the benefits of membership, with no additional premium. Without this cover such an investigation could cost in excess of £1,200 in accountants' fees.
The insurance is underwritten by DAS, who also provide a 24-hour tax advice helpline.
Here members can get help on business tax matters as soon as they occur, and often before they escalate. Taking advice on what might appear to be small items on tax returns can help prevent mistakes being made which could give rise to a full or aspect enquiry by the Inland Revenue.
Add to all that a financial advice line, a network of solicitors, special vehicle breakdown and recovery deals, cheaper van insurance specially tailored for market traders, credit card facilities - it all adds up to an unbeatable package from the National Market Traders' Federation.
Membership is available to anyone who trades on what falls within the definition of a market (basically a concourse of buyers and sellers), so in addition to regular markets this means farmers' markets, craft fairs and so on. Instant membership can be obtained through the federation's website - www.nmtf.co.uk.
Roy Holland is communications manager of the National Market Traders' Federation
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