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Elevator Contractor Insurance

Contractors Insurance is a Canadian award-winning commercial insurance brokerage dedicated to providing contractors, business owners, and other professionals in the construction industry with affordable and comprehensive coverage. 

Elevator contractors are exposed to high-risk working conditions every day—including but not limited to the maintenance and repair of elevators, escalators, and other types of lifts. As such, you need elevator contractor insurance to protect yourself and your business from unforeseen incidents that could impact your bottom line.

We have helped countless independent and general contractors with their insurance needs, from negotiating premiums to filing claims. Rest assured that with Contractors Insurance, your business is in good hands! 

What Is Elevator Contractor Insurance?

Elevator contractor insurance is a specialized coverage tailored to meet the unique needs of businesses involved in elevator installation, maintenance, and repair. As elevator contractors operate in a high-risk industry with various potential liabilities, having comprehensive insurance coverage is essential for protecting their assets and mitigating financial risks.

This type of insurance typically includes a range of coverages, such as general liability insurance, workers’ compensation, commercial auto insurance, and equipment breakdown coverage specific to elevator machinery.

Businesses operating on this type of equipment require specialized insurance to safeguard themselves against unforeseen accidents, property damage, bodily injury claims, and other liabilities that may arise during the course of their operations.

By partnering with a reputable insurance brokerage specializing in contractors’ insurance, elevator contractors can gain access to tailored insurance solutions designed to address their unique risks and provide peace of mind.

The following can be included in your elevator contractor insurance policy:

Commercial General Liability Insurance

Commercial general liability insurance provides coverage for elevator contractors against:

  • Bystanders hurt during an elevator installation or repair
  • Personal injuries arising from their operations 
  • Expenses related to third-party property damage
  • Reputational and advertising injuries
  • Legal fees and settlements in the event of lawsuits

Tools and Equipment Insurance 

Tools and equipment insurance provides protection in the case of:

  • Theft, loss, or damage to tools and equipment both on and off job sites
  • Repair or replace essential gear, whether it be hoists, pulleys, or diagnostic devices, promptly

Commercial Auto Insurance

If your business uses a fleet of service vehicles to get to project sites or to accomplish everyday tasks, you need commercial auto insurance. It provides coverage for: 

  • Medical, legal, and repair or replacement costs 
  • Costs if your vehicles cause third-party injuries or third-party property damage 
  • Vehicles that are stolen or vandalized

Commercial Property Insurance

If your business stores documents, equipment, tools, and other possessions in a commercial space, then you need commercial property insurance. It covers: 

  • Repair and replacement costs
  • Damages due to theft, vandalism, and natural disasters
  • Business interruptions that cause lost income

Who Can Benefit From Elevator Contractor Insurance?

Elevator contractor insurance is invaluable for a range of businesses operating in the elevator installation, maintenance, and repair industry. Contractors specializing in elevator services, including installation companies, maintenance firms, and repair technicians can all benefit significantly from this type of insurance coverage.

Additionally, subcontractors working on elevator projects, elevator manufacturers, and elevator consultants may also find elevator contractor insurance essential to protect their interests and assets.

Whether it’s a small family-owned business or a large-scale enterprise, any entity involved in the elevator industry faces unique risks and liabilities that can be mitigated with comprehensive insurance coverage. Elevator contractor insurance offers financial protection, peace of mind, and a safeguard against unexpected challenges, ensuring that businesses can operate confidently and effectively in this specialized field.

Why You Need Elevator Contractor Insurance in Ontario

In Ontario, elevator contractor insurance is not just a prudent investment but a regulatory necessity. Operating in a highly specialized and potentially hazardous industry, elevator contractors face unique risks that demand comprehensive insurance coverage. Ontario’s regulatory framework mandates certain insurance requirements for contractors, including general liability and workers’ compensation, to ensure compliance with legal standards and protect the interests of both contractors and clients.

Just like elevators themselves, working in this industry has its ups and downs. Many general contractors and elevator companies have to deal with mechanical failures, power outages, injuries, and legal claims. All of these liabilities could lead to costly legal proceedings and property losses, which is why having robust insurance coverage is essential for safeguarding business assets, maintaining client trust, and ensuring continuity of operations.

Investing in elevator contractor insurance in Ontario can help you focus on running your business without worrying about financial losses due to unexpected events.

Elevator Contractor Insurance Claims Examples

Claims Example #1

  • Problem Icon

    A visitor to a building serviced by an elevator contractor trips and falls in the lobby, sustaining injuries. The visitor files a lawsuit against the building owner, alleging negligence on the part of the elevator contractor.

  • Outcome Icon

    The elevator contractor’s general liability insurance steps in to cover the legal expenses associated with the lawsuit, including court fees or settlements. The insurance also provides coverage for any medical expenses incurred by the injured visitor, relieving the contractor of the financial burden and potential reputational damage.

Claims Example #2

  • Problem Icon

    One of the elevators in a commercial building malfunctioned and dropped to the ground unexpectedly. No one was inside when it happened, but the event caused property damage and the building owner takes you to court.

  • Outcome Icon

    The contractor’s general liability insurance covers the damages caused to the machine as well as the resulting repairs. The policy also covers any legal expenses.

Claims Example #3

  • Problem Icon

    An employee of yours gets into a car accident, damaging the company-owned car and someone else’s vehicle. The other driver successfully sues.

  • Outcome Icon

    Your commercial auto insurance will cover the legal costs as well as repair fees for both vehicles, minimizing downtime and ensuring that the project stays on schedule.

Leading Provider of Elevator Contractor Insurance in Ontario

We put our customers at the centre of everything we do. Here’s why you should choose Contractors Insurance.

Personalized Insurance Plans

Our personalized insurance program can give your business the coverage it needs—with no costly and unnecessary riders. It’s our mission to ensure your business is fully protected to withstand the industry’s inherent risks.

Utmost Transparency on Coverage and Limitations

Once your insurance broker has a policy ready for you, they will explain it thoroughly and with full transparency. They will advise you on how it works, what triggers a claim, your limits, and exclusions. Then, you can share your concerns or suggestions and we will try our best to meet your needs. 

Thorough and Straightforward Insurance Education

We’re your trusted source of unbiased information on all things insurance, empowering you with the knowledge to make informed decisions about your policy. We avoid complicated insurance jargon as much as possible when explaining your policy to you.

Frequently Asked Questions About Elevator Contractors Insurance

The total cost depends on your insurance bundle. However, the basic insurance plan included in an elevator contractor insurance policy is CGL, which starts at around $50 per month with a coverage limit of up to $2 million.

While elevator contractor insurance is not mandatory, Ontario general contractors and business owners are required to have at least general liability insurance before starting any type of construction project. 

Ready to Get the Coverage You Need? 

Contractors Insurance is a trusted and award-winning insurance company in southern Ontario that curates tailor-fit insurance bundles for elevator contractors. 

Our dedicated team of insurance brokers is always ready to answer your questions, provide recommendations, and assist you in setting up your customized insurance package. Whether you’re making changes to your policy or filing claims, we’re here for you.

For more information about our comprehensive elevator contractor insurance in Ontario or to get a quick quote, give our team a call today!

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