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Why do elevator contractors need insurance?
Working on elevators is dangerous, which is why insurance is essential. It'll cover medical costs if a worker is injured, or legal costs if someone outside your business is harmed. You'll likely need coverage to comply with local regulations and client requirements.
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With Insureon, elevator contractors can get insurance coverage the same day they apply for quotes.
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What types of elevator insurance do I need?
These insurance products cover common risks in the elevator industry.
General liability insurance
A general liability policy covers basic third-party risks, such as a malfunctioning elevator that injures someone. It's often required for commercial leases and contracts.
BEST FOR
- Customer property damage
- Accidental injuries
- Product liability insurance
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for elevator companies to buy general liability coverage and commercial property insurance together.
BEST FOR
- Bodily injuries from accidents
- Property damage during installation
- Stolen or damaged business property
Workers’ compensation insurance
Most states require workers' comp for elevator businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Lawsuits from employee injuries
Commercial auto insurance
This policy covers accidents involving your elevator company's vehicle. It'll pay for medical bills, property repairs, and legal costs if your business is sued.
BEST FOR
- Property damaged by your vehicle
- Auto accident lawsuits
- Vehicle vandalism and theft
Contractor’s tools and equipment insurance
This policy helps pay for repair or replacement of an elevator contractor's drills, hammers, tension gauges, and other tools if they are lost, stolen, or damaged.
BEST FOR
- Equipment less than five years old
- Tools valued at less than $10,000
- Items that travel to jobsites
Professional liability insurance
A professional liability policy covers legal defense costs related to mistakes and oversights, such as an elevator mechanic who fails to meet a deadline.
BEST FOR
- Faulty installation
- Delays and no-shows
- Failure to follow standards
Looking for different coverage? See more policies.
How much does elevator insurance cost?
An elevator contractor who works independently will pay less for insurance than a larger company.
Factors that affect the cost of installation insurance include:
- Services offered, such as commercial or residential elevator installation
- Business property and equipment
- Business revenue
- Types of insurance coverage purchased
- Policy limits and deductibles
- Coverage options, such as an additional insured
- Claims history
How do I get elevator insurance?
It's easy to get elevator contractor insurance if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application.
- Compare quotes from trusted insurance companies.
- Pay for your policies and download proof of insurance.
Insureon's licensed agents work with top-rated U.S. providers to find the right elevator insurance solutions for your business, whether you work independently or hire employees.
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FAQs about business insurance for elevator contractors
Review answers to frequently asked questions about commercial insurance and requirements for elevator technicians.
Do elevator contractors need a license or permit?
State laws and local regulations typically require elevator contractors to have a license and permit. To obtain them, you may need to be bonded and insured.
Here are several examples of what you might need:
- Business license. To form a business, you'll need to get a business license and register with your local government.
- Contractor's license. In most states, you'll need a contractor's license to install, maintain, and repair elevators. You may need to be a certain age, pass an exam, pay a fee, and show proof of liability coverage or a bond.
- Elevator permit. State and local regulations usually mandate a permit for elevator repairs, updates, and alterations, along with regular elevator inspections.
- OSHA and ADA compliance. Contractors must comply with safety standards set by the Occupational Safety and Health Administration (OSHA) and elevator requirements issued by the Americans with Disabilities Act (ADA).
A license or certification can help your elevator business get contracts and win bids, while insurance protects against costly accidents that might otherwise lead to bankruptcy.
What are the insurance and bond requirements for a startup elevator contractor?
Elevator contractors usually need insurance and a bond to comply with the law or the terms of a contract. Here are a few common situations:
- You need a license. State licensing requirements for contractors often mandate general liability insurance and workers' compensation insurance, even if you work alone.
- Your state requires it. Almost every state mandates workers' compensation insurance for businesses with employees, sometimes even for sole proprietors in the construction industry. Similarly, most states require commercial auto insurance for vehicles owned by a business.
- You rent an office. You'll typically need to show proof of liability insurance to sign a lease for an office or other commercial space.
- Your clients request it. Clients and partners may require you to be insured, so they know they'll be protected in the event of a lawsuit.
Even when it's not required, it's important to carry insurance to protect against unexpected financial losses from accidents and lawsuits. Similarly, a bond protects your clients—which makes it more likely they'll choose your business.
What other types of coverage do elevator contractors need?
Elevator contractors often rely on other types of installation insurance as part of a comprehensive risk management strategy:
- Commercial property insurance covers your office and its contents, including computers, furniture, and equipment stored at your business address. If you don't have an office, you can buy business personal property (BPP) coverage to protect the items that belong to your business instead.
- Equipment breakdown insurance helps your business recover if a critical piece of machinery breaks down unexpectedly, such as an electric hoist used to install elevators.
- Inland marine insurance protects business property that travels to jobsites, including power drills and other equipment. It also covers items in transit and stored off-site.
- Business interruption insurance covers loss of income and operating expenses if your business is forced to close temporarily due to a fire or other covered property claim. It's also called business income coverage.
- Owners and contractors protective (OCP) liability insurance protects the project owner or general contractor from costs related to incidents caused by an elevator contractor. It protects the named insured who hired you, but it's not a replacement for your own liability coverage.
- Commercial umbrella insurance, similar to excess liability insurance, provides coverage when your underlying general liability, commercial auto, or employer's liability insurance policy reaches the limit on a claim.
- Builder's risk insurance covers in-progress structures and materials at a construction site in the event of fire, theft, or vandalism.
- Surety bonds provide financial compensation to clients and other parties if your elevator company fails to fulfill the terms of a contract or adhere to regulations.
Our licensed insurance agents can help you find the right insurance program for your elevator business, including bonds and specialty coverages.