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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.
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.
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.
Get all the best quotes from leading providers in a click of a button!
| 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.
| 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.
| 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.
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.
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.
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.
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 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
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
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 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
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
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Disclosure: Insuranks.com is an independent educational comparison service and an advertising-supported publisher. Some of the companies/offers that appear on the website are from our partners which we may receive compensation from. This may influence which companies/offers we write about and where and how it appears on the site. However, this does not impact our assessments. We solely highlight companies, products, and offers that can help you make smarter insurance decisions.
