Supermarkets and other big retail establishments utilize elevators so customers can move around without exerting effort. Of course, making sure that these elevators are safe and work well are elevator installers.
You face risks as an elevator installer. A commercial construction company might sue you for installing a faulty elevator. You can also injure someone accidentally. With the proper insurance coverage, you are financially protected against accidents, liability claims, and property damage.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $500,000/$1,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $100,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | No |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Yes |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
General liability insurance is an insurance that protects from financial losses resulting from third-party bodily injury, property damage, or other liabilities that may arise during the course of their operations. It typically covers legal defense costs, medical expenses, restorations for property damage, and settlements or judgments resulting from covered incidents.
Coverage Limit of s typically range between $1 million and $5 million, providing substantial protection in the event of claims for property damage or bodily injury.
Bodily injury–If an elevator installation injures a client or public, general liability insurance can cover medical bills, legal fees, and settlements or rulings
Property damage–General liability insurance covers inadvertent elevator installation or maintenance damage to a client's building or commodities
Personal injury-General liability insurance can cover lawsuits for defamation, slander, libel, and other related offenses
Third-party equipment damage–This add-on covers repairs or replacement of third-party equipment damaged by the elevator installer
Contractual liability–Elevator installers may be liable for certain accidents or losses under client contracts. General liability insurance helps meet these contractual duties
General liability insurance does not cover professional errors, omissions, or negligence claims. This means that elevator installers may not be covered under their general liability policy if they make errors during the installation process or provide incorrect advice.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Yes | No |
| License defense coverage included? | No | No | No | No | Can be included |
Professional indemnity insurance protects against financial losses resulting from carelessness, errors, or omissions. This insurance policy covers legal defense, settlement or judgment fees, and related expenditures for covered claims.
The coverage limits may range from $500,000 to $1,000,000, depending on the potential for significant financial loss or damages resulting from errors or negligence.
Faulty installation–If an elevator installer makes a mistake that causes a malfunction or accident that causes financial loss or bodily injury, the insurance can cover the claims
Negligence claims–If a client claims an elevator installer's carelessness or inability to follow industry standards caused property damage, physical injury, or financial loss; the insurance can cover legal bills, settlements, and judgments
Breach of professional duty–If an elevator installer fails to provide the necessary advice, documentation, or inspection, the insurance can cover legal fees and financial losses
Design or engineering flaws–The insurance can help with legal defense and settlements or judgements if an elevator system design or engineering defect causes property damage or bodily injury
Make sure the insurance policy covers all elevator installation risks and liabilities. Check the elevator installation insurance policy. Claims and legal fees should be covered. In the event of a claim, checking the insurer's reputation, financial stability, and claims process ensures support. Understanding policy exclusions and restrictions prevents coverage gaps.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $25,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $25,000 | $25,000/$500,000 | $15,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Included | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
| Lock and keys | Excluded | $2,500 | Excluded | Included | Excluded |
| Business interruption floater | Excluded | Included | Included | Included | Excluded |
| Equipment breakdown floater | Excluded | Included | Excluded | Included | Excluded |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance is designed to protect elevator installation businesses and their assets against a variety of risks and potential losses. This insurance protects the physical property, apparatus, and stock of elevator installation businesses.
Typically, the coverage limits will be determined based on factors such as the value of the insured property, the potential risks involved, and the financial capacity of the insured. In general, it ranges from $15,000 to $50,000.
Fire damage–If a fire damages the insured property, the insurance can cover the cost of repairs or rebuilding
Theft or vandalism–Coverage for losses caused by theft, burglary, or vandalism of property, inventory, or equipment
Equipment breakdown–Coverage for the cost of repairing or replacing machinery, equipment, or systems used in elevator installation in the event of mechanical failures or malfunctions
Accidental damage–It protects against inadvertent property damage, such as that caused by a contractor's negligence during installation
Installation floater–Covers materials and equipment in transit or temporary storage on job sites
Employee dishonesty insurance–Covers financial losses when employees commit forgery, embezzlement, social engineering, and other dishonest acts
| CoverWallet | NEXT (Best) | Hiscox | Thimble | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $500,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $25,000 | $25,000 | $25,000/$500,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner's insurance policy for elevator installers combines multiple types of coverage into a single package. Installers of elevators are exposed to specific liabilities related to their work, and a BOP provides essential protection against these risks.
The coverage limits for a business owner's policy vary depending on the specific policy and insurer. It typically includes general liability coverage ranging from $100,000 to $2,000,000 and property coverage based on the value of the insured property.
BOP can cover the cost of repairs or replacement if fire, theft, vandalism, or natural disasters damage your business's property or equipment, such as tools, machinery, or inventory
If an elevator installation or repair performed by your business results in property damage or a bodily injury after the project has been completed, BOP can cover the claims or lawsuits
Equipment breakdown coverage–Can protect against financial losses caused by the sudden failure, malfunction, or damage of elevators, motors, controls, and other machinery
Professional liability insurance–Protects against claims arising from professional mistakes, errors, or negligence
| NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance is designed to protect the tools, apparatus, and equipment used by elevator installers. This insurance helps elevator installers recover the costs associated with repairing or replacing their essential tools and equipment if these items are damaged, stolen, or lost.
The coverage limit for Elevator Installers' Tools and Equipment Insurance can vary depending on the policy and insurance provider selected. It starts from $100,000 to $1,000,000.
Theft: If valuable tools or equipment are stolen from a job site, Tools and Equipment Insurance can reimburse the insured for the cost of the stolen items, up to the coverage limit.
Accidental–In the event of inadvertent damage to tools or equipment, such as a heavy piece of machinery being dropped or a tool being damaged during transport, Tools and Equipment Insurance can cover the repair or replacement costs
Fire or natural disasters–Tools and equipment insurance can cover the cost of repairs or replacement if tools and equipment are damaged or destroyed as a result of a fire, flood, earthquake, or other natural disaster
Replacement cost coverage–This will reimburse the total cost of replacing lost or damaged tools and equipment with brand-new items
Elevator installers must determine the total value of their tools, apparatus, equipment, and other specialized devices. This evaluation should include equipment that is both possessed and leased or rented. Accurately estimating the value of these products is essential for establishing an adequate coverage limit.
Commercial auto insurance for elevator installers is a form of coverage designed to safeguard businesses and individuals engaged in elevator installation and maintenance against financial losses resulting from accidents that occur while operating their vehicles for business purposes. It covers business vehicles such as trucks, trailers, and other commercial automobiles.
The coverage limit for elevator installers' commercial auto insurance can vary based on the specific policy and insurance provider. It often covers $100,000 to $1,000,000.
In the event of an accident caused by another driver, commercial auto insurance can help cover your medical expenses if the driver at-fault doesn’t have insurance or does not have coverage in place to begin with
If your business vehicles are damaged by accidents, vandalism, theft, or natural disasters such as fire, hail, or flood, the insurance will cover the cost of repairs or replacement
It can also cover specialized equipment, tools, and materials transported in company vehicles
Commercial auto insurance can cover the medical treatment of third parties injured in an accident that your commercial vehicle caused
Comprehensive coverage–This coverage protects against incidents other than collisions, such as larceny, vandalism, fire, and severe weather
Medical payments coverage–This coverage can help cover medical expenses for injuries sustained by the insured vehicle's driver and passengers, regardless of culpability
Elevator installers should emphasize numerous factors while choosing commercial auto insurance. First, the policy's coverage kinds and limitations must match the business's needs. Liability, collision, comprehensive, and uninsured/underinsured driver coverage is crucial. Second, balancing cost and coverage requires assessing insurance premiums and deductible affordability.
Excess liability insurance provides extended financial protection for unforeseen accidents or incidents and safeguards against high-value claims.
Excess Liability Insurance for Elevator Installers' coverage limits typically ranges from $100,000 to $1 million, depending on the specific policy and the needs of the policy and installer needs.
Workers' compensation insurance benefits elevator installers and technicians who sustain work-related injuries or illnesses. Elevator installation and maintenance work can involve certain risks and hazards, making it essential for employers in this industry to have workers' compensation coverage.
The coverage limits for this elevator business insurance may vary depending on which state you’re working.
Workers' compensation insurance would cover medical costs, rehabilitation expenses, and lost wages resulting from such incidents
This coverage guarantees that the cost of repairing or replacing the equipment is covered, thereby minimizing the financial impact on the business
Employer's liability coverage–This add-on protects employers against lawsuits made by employees who sustained a work-related injury or disease
Training and certification in elevator installation safety can affect workers comp insurance costs. When assessing risk and determining premiums, insurance companies frequently consider the safety practices and qualifications of the insured.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $44 | $528 | $0-$500 |
| Professional liability insurance | $51 | $612 | $1,000-$2,000 |
| Commercial property insurance | $60 | $720 | $1,000-$2,000 |
| Business owner's policy | $95 | $1,140 | $1,500 |
| Tools and equipment insurance | $46 | $552 | $500-$1,000 |
| Commercial auto insurance | $58 | $696 | $500-$1,000 |
| Workers compensation insurance | $103 | $1,236 | $2,500-$5,000 |
The average elevator installer insurance cost is $44 per month or $528 per year. Factors that affect premiums are claims history, business history, policy limits, deductibles, annual revenues, location, and number of employees. Here’s a table showing the cost of a $1 million general liability policy from the best companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $25 | $300 | Best overall; Fastest general liability insurance for elevator installers |
| CoverWallet | $27 | $324 | Comparing elevator installer insurance quotes online |
| The Hartford | $32 | $384 | Workers compensation insurance for elevator installers |
| Tivly | $36 | $432 | Comparing elevator installer insurance quotes over the phone |
| Hiscox | $42 | $504 | Elevator installer insurance with worldwide coverage |
| Thimble | $49 | $588 | On-demand coverage for elevator installers |
Get all the best quotes from leading providers in a click of a button!
Here are the best elevator installer insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability policy.
It offers specialized coverage and is familiar with the risks and challenges encountered by elevator installers. They offer custom-tailored insurance policies that provide comprehensive coverage for potential incidents, property damage, and legal liabilities associated with elevator installation
The company has extensive elevator installation experience. They understand the work's complexity and may offer policyholders personalized solutions and advise. Their expertise helps analyze hazards and determine coverage levels
NEXT offers coverage to protect elevator installers from unexpected events
Couldn’t find any
NEXT is a specialized insurance provider that offers elevator installers and contractors coverage. The company focuses on safeguarding these professionals against the various hazards and liabilities associated with their line of work.
Best for: Best overall; Fastest general liability insurance for elevator installers
Average cost: $25 per month
Our rating: 10/10
CoverWallet’s online platform makes it simple for small businesses to research, compare, and purchase insurance policies. The user-friendly interface enables digital policy quoting, customization, and administration
CoverWallet offers individualized insurance solutions that take into consideration the specific needs of small businesses
Not an insurance company but an insurance broker
CoverWallet is an insurance platform that makes it easier for small enterprises to obtain coverage. It provides a vast array of insurance products and services for elevator installers. Moreover, this company further allows for a streamlined policy management experience through its online dashboard.
Best for: Comparing elevator installer insurance quotes online
Average cost: $27 per month
Our rating: 10/10
Offers an extensive range of insurance products, enabling elevator installers to obtain coverage that is tailored to their specific needs and potential risks
It has extensive insurance business knowledge. They advise elevator installers on risk assessment, coverage, and guidance based on their industry understanding
It is a reputable insurance corporation with strong finances. Policyholders trust their stability and dependability to process claims swiftly
Limited add-ons to general liability insurance
The Hartford provides many insurance products and services, including coverage alternatives for various industries and professions. They are well-known for their expertise providing small and medium-sized enterprises with comprehensive insurance solutions.
Best for: Workers compensation insurance for elevator installers
Average cost: $32 per month
Our rating: 10/10
Offers customizable policies which can meet the unique needs of elevators installers
Elevator installers may easily compare insurance policies from several suppliers to acquire the best policy at the greatest price
Offers a variety of products, such as general liability and workers' compensation
Given that it is a new insurance provider, some contractors may be hesitant to use their services
Elevator installers can benefit from a unique dual-sided marketplace that connects them with insurance providers. Tivly's objective is to simplify the insurance process for businesses and providers alike. By utilizing Tivly's platform, businesses can gain access to a diversified network of many insurance agents, brokers, and carriers actively seeking consumers.
This marketplace enables businesses to research various insurance options and obtain coverage that is suited to their specific elevator installation needs. Call now to compare quotes over the phone.
Best for: Comparing elevator installer insurance quotes over the phone
Average cost: $36 per month
Our rating: 9/10
Thimble lets businesses with shifting workloads buy hourly, daily, and monthly insurance policies on-demand
Digital tools and a user-friendly interface make applying quick and easy
On-demand insurance coverage are often affordable for small businesses
Allows policyholders choose their coverage limits and duration, saving money
Thimble offers short-term insurance and may not be suitable for businesses seeking long-term coverage
Thimble is an insurance technology company that offers flexible, on-demand insurance coverage to small businesses and independent contractors. They aim to offer insurance options that accommodate the evolving needs of the freelance economy and flexible work arrangements.
Best for: On-demand coverage for elevator installers
Average cost: $49 per month
Our rating: 9/10
It offers customizable insurance plans for many professions, including elevator installers
It is a reputable insurance company with a lengthy history, providing policyholders who value stability and dependability with peace of mind
Hiscox understands business risks and challenges from working with many sectors
Doesn’t offer coverage in Alaska
Hiscox is a well-established global insurance company specializing in providing businesses, professionals, and individuals with various insurance coverage. They are well-known for customizing insurance solutions to satisfy the needs of various industries and professions.
Best for: Elevator installer insurance with worldwide coverage
Average cost: $42 per month
Our rating: 8/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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