Vaping has become a popular activity among people of all ages. If you own a vaping business, it’s important to take care of all loose ends and invest in protection that will bring you peace of mind. That is why it’s important to have vape insurance.
Vape insurance is a type of insurance policy that covers damages caused by accidents on your property or other liabilities.
Who Needs Vape Insurance?
Vape insurance will be essential for anyone who owns a vape shop or produces vaping products. Vape shop owners need vape insurance to protect their businesses from damages caused by vaping-related accidents.
On a similar note, vaping product producers require vape insurance to protect themselves from product liability claims.
Types of Vape Insurance
There are several types of vape insurance policies available in the market. The most common types are liability insurance, property insurance, and product liability insurance.
Liability insurance covers damages caused by vaping-related accidents. For example, if someone accidentally spills e-liquid on a customer’s clothing or damages their property while vaping, liability insurance will cover the costs of the damages.
Property insurance pays for damages to the property caused by accidents. For instance, if a vape shop catches fire due to a faulty e-cigarette battery, property insurance will cover the costs of the damages.
Product liability insurance protects you from damages caused by a faulty vaping product. If a customer suffers injuries due to a faulty e-cigarette battery, product liability insurance will cover the costs of the damages.
How Much Does Vape Insurance Cost?
The cost of vape insurance depends on several factors, including the type of policy, the coverage limit, the deductible, and the location of the insured. Liability insurance policies generally cost between $500 and $2,000 per year, while property insurance policies can cost between $1,000 and $3,000 per year, whereas product liability insurance policies reach prices between $10,000 and $50,000 per year.
Vape Insurance Requirements
To get vape insurance, there are several requirements that must be met. These requirements vary depending on the type of policy and the insurance provider. Some common requirements include having a business license, maintaining a safe environment, and following industry standards and regulations.
Commercial Insurance And Business Industry Classification
- SIC CODE: 5993 Tobacco Stores and Stands
- NAICS CODE: 453998 All Other Miscellaneous Store Retailers (Except Tobacco Stores)
- Suggested Workers Compensation Code(s): 8017 Store – Retail NOC
Vape Insurance – The Bottom Line
Vape insurance is a necessary protection for anyone who is involved in the vaping industry. It provides coverage for damages caused by vaping-related accidents and protects against product liability claims.
There are several types of vape insurance policies available, including liability insurance, property insurance, and product liability insurance. The cost of vape insurance depends on several factors and can reach up to $50,000 per year.
Check different vape insurance quotes and find the best policy for you. We’re here if you have more questions. Contact us and talk to an insurance Expert today.