Elevator Installation and Repair Service Insurance
Getting business insurance for your elevator installation and repair service is essential.
Elevator installation and repair services need to be protected against claims involving things that could damage them financially, such as personal injury, property damage, or workers’ compensation claims.
For example, an elevator could malfunction as a result of the negligence of one of your installers, causing injury to riders or damage to the client’s premises.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for an Elevator Installation and Repair Service
General liability insurance is — generally speaking — one of the most important insurance policies for elevator installation businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
While general liability insurance provides coverage for many risks, it doesn’t cover some potential liabilities your company could face. As a result, you may want to consider other types of policies, such as:
- Commercial property coverage
- Professional liability insurance
- Commercial umbrella insurance
In general, there are two standard types of business insurance companies: conventional brick-and-mortar companies and companies that sell policies online.
Historically, providers with a physical location have provided excellent service and high-quality coverage. However, many companies today are looking to save money on business insurance and get it faster. Online providers can do both, offering flexible, high-quality coverage sooner and much cheaper than traditional providers offer.
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Cost of General Liability Insurance
On average, elevator installation and repair services in America spend between $500 - $1,500 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for an elevator installation and repair service to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for an Elevator Installation and Repair Service
Example 1: As you repair an elevator in an apartment building, an apartment resident trips over your tools, breaks an arm, and decides to sue your business. General liability insurance would cover your legal defense costs and any required settlement.
Example 2: While hauling a large piece of equipment into a job site, you and your employee accidentally drop the equipment on someone’s luxury automobile. General liability insurance would pay for the vehicle repair costs.
Example 3: When an employee focuses on some repair work, he fails to see a woman walking behind him, backs up, and knocks her to the ground. The woman breaks her wrist in the fall and asks your business to pay for her medical treatment. General liability insurance would cover her medical bills.
Other Types of Coverage Elevator Installation and Repair Services Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Workers’ Compensation Insurance
Most states require businesses to carry workers’ compensation insurance for their part-time and full-time employees. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a work-related accident.
Professional Liability Insurance
While you strive to complete your elevator installation and repair work perfectly, there’s always a chance someone might claim your professional services caused them harm. If a client sues your business, claiming you made a mistake or failed to perform, professional liability insurance would cover your legal fees and any required settlement.
Commercial Property Insurance
You made a major investment in the equipment and supplies needed to establish your installation and repair service. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building and the business materials you store there.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your elevator installation and repair service:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Elevator Installation and Repair Service Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Given the nature of an elevator installation and repair service and the inherent risks involved, it’s vital to secure appropriate business insurance before operations start.
Also, check to see if state or local laws require companies to have certain types of business insurance, such as workers’ compensation or commercial auto. You may need such policies to operate legally.
Not necessarily. Certain exceptions may be written directly into your elevator installation and repair service insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.