Elevator installation and repair is a specialty business that comes with many risks. An elevator contractor erects, fabricates, installs, elevators. These contractors are also involved with installing the motors, cables, doors, and electrical devices which are typically a part of the elevator operation. When accidents or injuries happen at the job site, the elevator contractor should have a portfolio of coverages available that will provide the funds needed to pay medical costs, property damage costs, and defense costs when action is brought against the business.
Because of the hazards at a job site, elevator contractors should obtain commercial general liability coverage to have financial protection in the event you are found liable for injuries or property damage to a third party. The state where you operate will require this coverage before your elevators contractor’s license can be issued.
Workers’ Comp will protect your employees in the event they are injured or become ill from a job-related incident. This coverage will also be considered mandatory in order to be licensed by your state. Accidents will happen at the job site and your workers’ compensation will be available to pay for medical expenses and lost wages.
Many states and customers may require electrical contractors to offer a license or surety bond before you are allowed to bid on a job or begin working.
This bond is a financial guarantee to your state’s licensing department and your customer that you will complete the job according to your bid and make certain vendors are paid when the work is completed.
Your commercial auto policy will cover your business vehicles for liability if you or an insured driver are found liable for an at-fault accident. Typically, an elevator contractor may have multiple vans, pickups, or heavy trucks and this policy will provide coverage if they are damaged in an accident, stolen, or vandalized.
An elevator contractor’s tools are vital in the workplace, and coverage is needed to reimburse your business in the event they are stolen or damaged. Your tool and equipment insurance will provide coverage while your tools and equipment are being used at the job site, in transit, or while they are in storage.