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Tyre Shop Insurance

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Tyre shop insurance

Tyre fitters insurance NZ

Tyre shop or tyre fitters insurance is a tailored coverage designed specifically for businesses dealing with tyres. This encompasses selling, fitting, repairing, and even recycling tyres. The insurance typically covers potential risks faced by such businesses, like damage to customer vehicles, employee injuries, or potential accidents within the premises.

Why is tyre shop insurance important? 

Running a tyre shop involves not just the transactions of selling and fitting tyres but a lot more behind-the-scenes activities that come with their own sets of risks. From employee mishaps with equipment to potential damages to customer’s cars, the liability could be huge. Tyre shop insurance gives business owners the peace of mind, ensuring that in case of unexpected incidents, they are financially covered

In New Zealand, the average cost of tyre shop insurance typically ranges between $200 – $300 per month. 

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It’s crucial to have tyre coverage if your business:

  • Sells or fits tyres
  • Repairs vehicle tyres
  • Recycles old tyres
  • Houses expensive tyre equipment

What covers are typically included in tyre shop insurance? 

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Public Liability

This policy covers common tyre 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
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Statutory Liability

This cover is a type of protection that helps tyre fitters cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties
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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. This insurance can also cover courtesy cars. 

Best For
  • Repair costs
  • Third party damages
  • Injuries 
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Tool Insurance

Safeguards your tyre shop tools & 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
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Business Interruption Insurance

Helps protect tyre shop 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 
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Employers Liability

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

Best For
  • Workplace injuries
  • Legal expenses
  • Compensation payments

How much does tyre shop insurance cost?

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Tyre shop insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Tyre shop insurance in NZ typically costs between $200 to $300 per month

Who needs tyre insurance?

Any business in NZ that deals with tyres – whether it’s selling, repairing, recycling, or fitting – needs tyre shop insurance. This includes:

  • Independent tyre shops
  • Tyre chains or franchises
  • Mobile tyre fitters
  • Tyre recycling centres

Absolutely. Tyre shop insurance can be tailored to your specific needs. It can cover anything from basic liabilities, like customer injuries, to more specific risks like accidental damage during fitting or employee theft.

If your tyre shop offers more services beyond just tyres, you’ll need to ensure that your insurance coverage reflects this. This will mean noting it as a business activity on your policy. 

How do I get proof of tyre shop insurance

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

Acquiring a tyre shop 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 tyre shop 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 tyre shop insurance not cover?

Regular Wear and Tear

Deterioration of equipment due to age or use. Just as with any machinery or property, regular maintenance is expected. Insurance doesn’t cover breakdowns due to lack of maintenance or regular ageing.

Intentional Damages

Damages deliberately caused by the owner or employees. Insurance is meant to cover unforeseen and unintentional incidents. If an investigation reveals that damage was intentional, the claim might be denied.

Faulty Workmanship

Damages due to incorrect repair or fitting. If damage arises from incorrect fitting or faulty repair jobs it may not be covered. The insurance we put in place can cover this to varying extents however it is always best to assume you are not covered. 

Other common questions about tyre shop insurance

Yes, many insurers offer business interruption as an add-on, which can compensate for lost income due to unforeseen events that disrupt your business operations.

Typically, yes. Most policies would cover damages to customer vehicles while they are in your care, but it’s always good to check the specifics of your policy.

It’s advisable to review your insurance policy annually or whenever there’s a significant change in your business, like expansion or offering new services.

In the event of needing to make a claim, you’d contact your insurance provider (or broker like Gerrards), provide necessary details, and follow their outlined process. It’s crucial to keep all relevant documentation and evidence to support your claim.

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