17 Jan, 2018 |
How confident are you that you have the right insurance for your vaping business?
The first commercial e-cigarette was invented in China in 2003, arriving in Europe and the UK in April 2006. It’s amazing how the popularity of vaping has grown in just over a decade, with the UK market now one of the biggest in the world. Hundreds of vaping retailers, distributors, e-liquid manufacturers and other related businesses have sprung up to meet this growing demand.
How have insurers responded?
Despite the vaping market now being almost 12 years old, insurers have been slow to catch up with the specific insurance requirements of this sector. Most don’t understand the risks faced by ecigarette shops and associated vaping businesses and will provide cover that they think is the best fit. We know of numerous vaping shops who have retail insurance for a tobacconist shop. In reality, the risks are quite different.
What can you do to make sure you have the correct cover in place?
Don’t try and buy your insurance direct from an insurer. The chances are you’ll end up with the wrong cover – and will only discover this if and when you need to make a claim.
Talk to a broker. It’s for businesses like yours that a proper conversation with a broker who knows and understands the market really pays off. Anthony Jones are one of the few brokers with specific experience in the vaping market. We are the approved broker to the IBVTA and provide insurance and advice to a broad range of businesses across the sector. Fill out the quote form on our website or get in touch either by calling us on 0208 290 9080 or emailing us and we’ll make sure you get appropriate cover for your business at the most competitive price available.