Vape Shop Insurance
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Insurance for vape shops
Vape shop insurance NZ
Vape shop insurance is a specialized package that caters to the specific needs of vape shop owners. It is a combination of multiple insurance coverages tailored to safeguard the business from various risks, such as property damage, theft, liability claims, and more.
Why is vape shop insurance important?
Owning a vape shop presents its own set of challenges and risks. From potential fires to ram raids, unexpected incidents can lead to huge financial burdens. Vape shop insurance provides the necessary financial protection to help businesses face these challenges confidently, without jeopardizing their financial health.
In New Zealand, the average cost of vape shop insurance typically ranges between $200 – $400 per month.
It’s crucial to have vape shop coverage if your business:
- Sells e-liquids or hardware
- Has a physical store location
- Operates online sales.
- Employs staff members
What insurance covers are typically included in vape store insurance?
Public Liability
This policy covers common vape shop business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.
Best For
- Business Accident Coverage
- Third-party Damages
- Legal Cost Protection
Statutory Liability
This cover is a type of protection that helps vape shops cover costs if they accidentally break certain laws or regulations.
Best For
- Unintentional breaches protection
- Legal costs
- Fines and penalties
Stock Insurance
Stock insurance in NZ is a type of coverage that helps protect vape stores from the loss or damage to the items they sell.
Best For
- Mishaps
- Natural Disasters
- Fires
Business Contents Insurance
Business contents insurance in NZ is for protecting all the important stuff inside a vape shop such as the fit out. If there’s a problem or accident, the insurance can help with the expenses.
Best For
- Accidents
- Floods
- Fires
Business Vehicle Insurance
Protects vehicles used for work purposes. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.
Best For
- Repair costs
- Third party damages
- Injuries
Cyber Insurance
Insurance that helps protect individuals and businesses from financial losses caused by cyber-related incidents, like data breaches and computer attacks.
Best For
- Ransomware attacks
- Phishing scams
- Cyber extortion
How much does vape shop business insurance cost?
Vape shop insurance premiums are calculated on several different factors including:
- Types of cover
- Turnover
- Location
- Claims History
Vape shop insurance in NZ typically costs between $200 to $400 per month
Who needs vape shop insurance?
Any business that deals with vaping products—whether it’s e-liquids, vaping devices, or accessories—should consider vape shop insurance. This includes standalone vape shops, kiosks in shopping malls, online vape retailers, and even convenience stores that sell vaping products.
No, vape shop insurance isn’t a legal requirement in New Zealand. However, given the potential risks associated with running a vape shop, it is highly recommended to safeguard your investment.
Yes, many vape shop insurance policies in New Zealand cover products imported from overseas, as long as they meet the New Zealand safety and quality standards. However, it’s crucial to ensure that this is specified in your policy.
How do I get a vape shop insurance quote?
We understand the unique needs of vape shops in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive vape shop insurance quotes from the top insurers in the country. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.
To obtain a vape shop insurance quote we may require you to provide some fundamental details about your business, such as:
- The name of your business
- The total number of employees
- Predicted annual income
- Years of experience in the industry
How do I get proof of vape shop business insurance?
You can usually get proof of vape shop insurance same day when you purchase insurance through Gerrards.
Acquiring a vape shop business insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project. We can typically provide a vape shop insurance certificate within 48 hours.
To obtain insurance coverage promptly, contact one of our vape shop insurance brokers.
What does vape store insurance not cover?
Wear and Tear
Insurance covers accidents and unforeseen damages. But the gradual wear and tear or deterioration of your equipment, furniture, or infrastructure over time isn’t included.
Exclusions in Product Liability
Some policies might exclude specific products or components, especially if they have a history of high risk or have been flagged by health agencies.
Contractual Liabilities
If your vape shop chooses to assume the liabilities of another party through a signed agreement or contract, these won’t be covered unless previously agreed upon in your policy.
Other common questions about vape shop insurance
Certainly! Gerrards and most reputable providers customize policies to align with each vape shop’s unique requirements.
Depending on your policy, natural disasters like earthquakes or floods might be covered. Always confirm with your broker for clarity.
Yes you will need additional insurance. Manufacturing can entail additional risks. It’s wise to consider product liability insurance to guard against potential consumer claims. You will also need to ensure manufacturing is specified on your policy as one of your business activities.
Typically, product liability insurance should cover such claims. However, due to the nature of e-cigarettes and reports of battery explosions, it’s vital to clarify this with your insurance provider.
