Vape shop insurance is vital for any stores that sell electronic cigarettes. Although e-cigarette is said to be safer than a traditional cigarette, there are still risks involved. But the risks do not only involve the users. Rather, they are also true with the sellers.
At first glance, selling vaping products may seem like a profitable business. But just like any other businesses, something could go wrong.
As an owner of a vaping shop, you might think that because you are only selling vaping supplies you do not need business insurance.
But, as mentioned earlier, anything could go wrong. Without coverage, you could pay hundreds to thousands of dollars out of your own pocket. It might cost your business, too.
With vape shop insurance, you will have valuable protection to your e-cigarette shop business. Thus, shopping for it must be a priority for your business plan.
What are the Risks of Not Having an Insurance for Your Vape Shop?
There are several reported incidents related to the use of electronic cigarettes. But many vape shop owners do not recognize the cost of these accidents.
Vaping requires an electronic cigarette to inhale the vapor from heating the vaping liquid. The majority of vaping devices consist of a mouthpiece, battery, and heating element. It also includes a chamber that carries a vaping liquid containing nicotine.
Unfortunately, a vaping device can explode and seriously injure someone. Most vaping devices are made in China. They lack the safety standards for e-cigarettes, such as auto-turn off function if the device becomes too hot.
Many of the vaping explosion accidents involved battery exploding because of people placing the battery in their pocket. Exploding vapes can result in burns and projectile injuries.
One of the many questions here is whether or not the retailer is liable for the injuries or explosion. Victims could file a lawsuit against you, the retailer of the vaping device. For that reason, it is vital that your vape shop business has the right coverage. When the retailer is sued the defense of that lawsuit is not shifted to the manufacturer. The retailer has to put up a legal defense which could last 2-3 years. Imagine the legal fees defending a lawsuit for that long.
You may think that because your vape shop has no physical store does not mean that your customers cannot sue you. It is likely that you will face a legal battle for a malfunctioned vaping device that you sold.
For that reason, you need to include business insurance for your vape shop as part of your risk management strategy. It protects your livelihood when someone sues you for a defective vaping device or expired vaping liquid.
The litigation costs could be expensive. You will have to pay for defense costs, damages to the plaintiff, etc.
Any type of legal battle involves paying hundreds to thousands of dollars just to defend yourself. Plus, you have to deal with financial stress.
To ease this possibility, you must add vape shop insurance to your business plan before you even start establishing a business selling vaping supplies.
The vape shop insurance policy we offer will give you protection from liability for your shop. It also covers theft protection without high deductibles. We also provide hardware coverage and liquid coverage. To obtain quotes please contact our insurance agents at (877) 678-0201.