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Panel Beaters Insurance

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Panel beaters insurance

Panel beaters insurance NZ

Panel beater insurance is a specific type of business insurance tailored to the unique needs of those in the auto repair industry, particularly those who deal with the mending of vehicle bodywork. This coverage ensures that businesses are protected against various risks associated with their line of work, from accidental damages to the vehicle under repair to potential liabilities.

Why is panel beaters insurance important? 

Panel beater insurance is essential for businesses in the auto repair industry. It protects the business from unforeseen expenses that could potentially lead to financial turmoil. With vehicles often being one of the most valuable assets someone owns, the stakes are high when repairing them. A simple oversight can lead to costly mistakes. By having insurance, panel beaters can focus on their craft, knowing they’re protected if something doesn’t go as planned.

In New Zealand, the average cost of panel beaters insurance typically ranges between $300 – $400 per month. 

It’s crucial to have panel beaters coverage if your business:

  • Handles vehicle bodywork repairs
  • Uses specialized repair equipment
  • Has employees or apprentices
  • Stores customer vehicles on-site

What covers are typically included in panel beaters insurance? 

Public Liability

This policy covers common panel beater business risks including bodily injuries and customer property damage. 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 panel beater businesses cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties

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. It can also cover loan vehicles or courtesy cars used by customers.

Best For
  • Repair costs
  • Third party damages
  • Injuries 

Tool Insurance

Safeguards your panel beating business tools, plant & equipment against unexpected events, like burglary or accidental damage, ensuring you won’t have to bear the financial burden of replacing them.

Best For
  • Burglary protection 
  • Accidental damage protection
  • Anywhere in New Zealand cover

Business Interruption Insurance

Helps protect panel beating businesses when they face unexpected events, like natural disasters or fires, which lead to temporary shutdowns or disruptions in their operations. It covers loss of income and additional expenses incurred during the interruption period.

Best For
  • Income loss 
  • Extra expenses
  • Temporary shutdown 

Employers Liability

This insurance helps protect panel beating businesses from financial losses if an employee suffers injuries or illnesses at work.

Best For
  • Workplace injuries
  • Legal expenses
  • Compensation payments

How much does panel beaters insurance cost?

Panel beaters insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Panel beaters insurance in NZ typically costs between $300 to $400 per month

Who needs panel beaters insurance?

Anyone involved in the panel beating industry in New Zealand should seriously consider this insurance. This includes:

  • Independent panel beaters.
  • Large panel beating companies.
  • Auto body shops.
  • Mechanics who offer bodywork services.
  • New businesses and established enterprises alike.

Absolutely! Just like vehicles need custom repairs, your insurance policy can be tailored to your specific business needs. Gerrards can help you select the coverages that are right for you, ensuring you aren’t over or under-insured.

While it’s not legally mandatory, having it is advisable due to the high risks associated with the trade. Many clients also prefer or demand to work with insured businesses to ensure their vehicles are protected.

How do I get proof of panel beaters insurance

You can usually get proof of insurance same day when you purchase insurance through Gerrards.

Acquiring a panel beaters 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 lease.

To obtain insurance coverage promptly, contact one of our panel beaters insurance brokers. 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

What does panel beaters insurance not cover?

Intentional Damage

If damage is inflicted deliberately on a vehicle, your insurance won’t cover the costs.

Poor Workmanship

Mistakes or low-quality work that leads to further damages or unsatisfied customers is typically not covered.

Illegal Activities

If the business is involved in unlawful actions, such as using stolen parts, any associated claims will likely be denied.

Other common questions about panel beaters insurance

Yes, many policies offer coverage for stolen tools or equipment, provided they were kept securely. It’s always essential to confirm this inclusion with your provider.

Typically, employees and apprentices are covered when they are working on behalf of the business. However, each policy might have its specificities, so always check the terms.

Annually or whenever there’s a significant change in your business, like expansion or acquisition of expensive equipment.

Yes, most comprehensive policies will cover customer vehicles during test drives. However, confirm this with your provider to be sure.

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