Elevator Contractor Insurance Experts with the Lowest Rates

• Union and Non-Union Elevator Contractos
• New Entities / Startup Elevator Contractors
• Lift Contractors
• Stairlift Contractors
• Escalator Contractors
• Industrial Elevator Contractors
• Tower Elevator Contractors
• Residential Elevator Contractors
• Elevator Inspectors
• Third Party Inspectors
• Elevator Consultants
• Outdoor Hoist Contractors
• Tram Contractors
• Rack and Pinion Elevator Contractors
• Grain Elevator Contractors
• Cage Manlifts
• Belt Manlifts

• General Liability
• Workers Comp
• Excess Liability
• Automobile Liability
• Profesional Liability
• Property and Inland Marine Coverage
• Wage and Benefits Bonds
• Surety Bonds
• Payment and Performance Bonds

All states will require a minimum of one million dollars per occurrence to get your elevator contractor license. The International Union of Elevator Contractors requires one million per occurrence with a two-million-dollar aggregate. Union startup elevator contractors will also need to provide a $60,000 wage and fringe benefit bond. The good news is our policy offers one million dollars per occurrence with a four million general aggregate to make sure you have the insurance you need plus an additional two million in general aggregate. We also provide the lowest rates for surety bonds for elevator contractors and inspectors.

All elevator contractors purchase general liability insurance but very few truly understand the elevator insurance cost. For elevator contractors the general liability premium is based on a simple formula. That formula is a rate per $1,000 of field payroll multiplied by the actual field payroll of the elevator contractor. Here is a sample: $50 rate per $1,000 of field payroll X $1,000,000 in field payroll = $50,000 in annual general liability premium. Good news! Owners in the field are capped at a much smaller payroll of approx.. $30,000 a year. So, the next obvious question is what determines the liability rate. There are many factors that go into the rate per $1,000 of field payroll.

Here are the main factors in getting the best rates:

• 1. Field payroll (the larger the field payroll the lower rate you deserve)
• 2. Geographic Area (several states including NY simply must charge higher rates)
• 3. Startup or new entity vs. and established company with loss runs to show clean claim history
• 4. Losses over the previous 5 years
• 5. Percentage of new installation
• 6. Commercial work vs. residential work
• 7. Union vs. Non-Union
• 8. Elevators/lifts you work with (manlifts, trams, outdoor hoists, grain elevators have higher rates)

The industry standard general liability limits for elevator contractors are one million dollars per occurrence with four million dollars of general aggregate. We also recommended purchasing excess liability to go over the general liability policy. Excess liability limits start at one million dollars and can go as high as 25 million dollars.

We offer both direct bill and flexible financing. Credit cards are accepted for down payments and monthly payments.