Why do Painters need Business Insurance?
Running a painting business or working as a subcontractor means you are personally responsible for your business. Painters face significant on the job risks, including unexpected damage to someone’s property or unintentionally causing personal injury to a third party such as a client or a member of the public where cover is not available from the Accident Compensation Commission.
Taking out insurance means safeguarding your business against incidents covered under your policy should a claim be made. This means you can focus on doing your job without having to worry about paying for a claim out of your own pocket.
What insurances do painters need to consider?
When it comes to business insurances for painters there’s a few to consider. These are some to think about:
Public Liability insurance*– Public Liability insurance for painters may be a requirement before you step foot on site and one of the fundamental types of cover you may need as a painter. It may also be a requirement to join certain professional memberships and industry boards.
Business Insurance*– Your painting tools and other business assets help you get the job done, so consider protecting them with coverage options like Tool and Portable Equipment cover and Contents for example
What is covered?
- Compensation for accidental damage to third party property
- Compensation for personal injury or death to third parties where the ACC does not provide cover
- Legal and defence costs
What is typically NOT covered?
- Injury to your employees
- Damage to your own property
- Compensation for personal injury whereby cover is provided by the ACC
- Known claims and circumstances
Did you Know?
If you’re subcontracting to another painter who has his or her own insurance, it is likely you are not covered by their policy. Public liability policies usually cover only the insured and their employees, not subcontractors.
Insurance for Painters
Public Liability is perhaps the most important insurance option for painters to consider. It will protect you in the event of your business causing personal or property damage to your client. For example, you may spill paint that may cause damage to property or your client may trip on your equipment and injure themselves.
In these situations you may be held financially responsible if your client suffers a loss due to your negligence, whether intentional or otherwise. Defending against such claims can prove expensive. Public Liability Insurance protects your business against such claims.
There are many aspects that go into your painting business, and while your clients are essential, things like your tools of trade and other business assets also play a big role in keeping your business going. Let’s take a look at some of the important types of business insurances you may need to consider for your painting business.
Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance policy can also cover your portable equipment, and loss of revenue due to business interruption in specified circumstances.
Some of the kinds of business insurance you may need to consider for your painting business include:
Contents*: Covers your business contents or stock if they are damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy
Building*: Cover for loss and damage to buildings you own, as a result of an insured event (such as fire, storm, wind).
What Business Insurance typically covers
- Material damage loss for your physical assets
- Financial loss due to Business Interruption
What Business Insurance doesn’t cover?
- Negligence/breach of duty arising from an act, error or omission as a result of your professional services
- Claims arising from damage to third party property or personal injury
- Known claims and circumstances
Protect your business today.
Tool insurance (Portable Equipment cover)*
Chances are you have a few tools of the trade in your painting toolbox! Your valuable tools help you to perform your day-to-day painting duties. Things like your spray guns, rollers and various brushes quickly add up when you take a moment to calculate the cost to replace them.
If you have a brush with bad luck and left without your tools because they were lost or stolen, the stress and impact on your business could cause some major dramas- something no small business owner wants to deal with. Fortunately, there’s an insurance for that- Tool and Portable Equipment cover.
It provides cover plumbing tools for loss of or damage to items such as business equipment, stock, plant and machinery, records, fixtures and fittings and furniture belonging to you at the insured location.
It also can provide protection to your tools anywhere in New Zealand, so you can rest assured knowing that you always have some kind of cover in place to protect them.
Why do painters need Tool and Portable Equipment insurance?
Unless you have deep pockets, the potential cost to replace your business tools and portable equipment in one upfront hit could end up putting a dent into your hard-earned savings.
Not only will your finances feel the impact, but you also need to consider how it will affect your business’ reputation. Not being able to complete a job on time because you don’t have your tools isn’t the best impression to give your clients.
How much does business insurance cost for painters?
When calculating the cost of an insurance policy a variety of different factors are taken into consideration. Every painting business is different, so the actual cost of your policy will be determined by your business’ unique factors.
Some of these factors may include:
- The value of the items you list on your Tool and Portable Equipment insurance policy
- The nature of your business activities
- The location of your business
- Your excess and level of cover
- Your claims history
Get more info
If you would like to find out more about business insurance and some tips and tricks to boost your painting business, check out some of our blogs below. And we promise you, they’re more interesting than watching paint dry!
What every tradie needs to know about insurance –
Our quick and easy guide shares all the important stuff you need to know about business insurance and protecting your tradie business.
* This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.
The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned.
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Visit our Contact Us page, where you can find out how to get in touch with one of our business insurance professionals.
You can also access quick links to our self-service portal, where you can download your Certificate of Currency, update your payment details, amend your cover and download your policy documents.