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Elevator Manufacturers Insurance Policy Information

Elevator Manufacturers Insurance

Elevator Manufacturers Insurance. When we think of elevators, the first thing that comes to mind are the residential kind we use every day, when we leave our home, go to work, or visit a shopping mall.

Elevators also have many other uses, in freight transport, for cars, or even aircraft or boats. The first modern elevators, in the industrial era, were in fact built to move coal and lumber.

Elevator manufacturers produce freight and passenger elevators. They may also produce escalators, power-operated dumbwaiters, moving sidewalks, and other assorted conveyor systems. While elevator components are built in a manufacturing facility, they are actually assembled on the building site.

Component parts include a steel-framed elevator box or car, wire rope or cable for lowering and lifting the box, electronic and computer components to control the opening and closing of doors and the ascent and descent, and a motor that hoists the actual load. The elevator box is generally finished with decorative or functional paneling and flooring.

The suspended ceiling hides the lighting fixtures. The girders and other framing elements into which the elevator is installed must support the load and withstand the vibration of its operation. Most elevators use a pulley system and counterweights installed in a separate shaft to reduce the weight that must be supported by the motor.

Component parts may be manufactured in different locations or different countries. Elevators must meet the safety standards of the American National Standards Institute and the American Society of Mechanical Engineers, and are subject to frequent state inspection and certification.

There are a variety of types of elevators as well. They include traction elevators, hydraulic elevators, elevators that use electromagnetic propulsion, and pneumatic elevators, among others. When people first started making elevators, consumers were scared of using them, but in the present, elevators have become a regular part of everyday life.

Because we're constructing increasingly tall buildings, it seems that the demand for more advanced elevators will constantly continue to rise in the future.

The elevator construction industry is a steady industry, and the same holds true for the elevator installation and service business. As it is closely connected to the construction of new buildings, and as this industry is projected to grow in the next five years, the elevator business will continue to thrive.

Almost 100,000 people are employed in this line of work in the US, in one of more than 19,000 companies, and the total market value is estimated to be $22 billion.

Despite these optimistic figures, companies in the elevator construction field are subject to a whole range of risks, each of which could be disastrous for their financial health. How can you best protect your business - and more specifically, what types of elevator manufacturers insurance are essential?

Elevator manufacturers insurance protects your manufacturing business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.

Below are some answers to commonly asked elevator manufacturing insurance questions:

How Much Does Elevator Manufacturers Insurance Cost?

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small elevator manufacturing businesses ranges from $57 to $79 per month based on location, size, revenue, claims history and more.

Why Do Elevator Manufacturers Need Insurance?

Insurance For Manufacturers

Every type of business faces the risk of various accidents and other unforeseen situations, and the elevator industry is no different. Certain risks, such as wildfires, hurricanes, earthquakes, lightning strikes, and floods can affect every company. Theft and vandalism are other examples of threats common to all fields. On the other hand, certain risks are specific to each line of work, since every field is unique. A lot of machines are used in this type of business, and those machines can malfunction. Work-related accidents and injuries are, unfortunately, common as well.

Now, if precautions are taken, some of these risks can be mitigated, while others cannot. Luckily, you can protect yourself and your property, and stay safe from financial loss, in the case of various mishaps, by having the right elevator manufacturers insurance.

What Type Of Insurance Do Elevator Manufacturers Need?

Making, installing, or maintaining elevators is complex work, which includes both the use of expensive machines and hard labor. Depending on your line of work in the elevator business, some risks might not apply to you, while others can affect you disproportionately.

Each company has specific needs. That is why the best option for you would be to talk to an experienced commercial insurance agent and discuss the specifics of your industry. Each detail can affect the type of insurance you might need.

This even includes the geography surrounding your facility and its climate, the amount of work you do, and the number of people employed in your company. Some of the most common types of elevator manufacturers insurance needed include:

  • Commercial General Liability: This type of insurance shields you and your company from any lawsuit filed after damage caused to third parties. This includes bodily injury liability and third party property liability, such as machines you might rent.
  • Commercial Property: The previous type of elevator manufacturers insurance protects you from damage you might deal to other people's property, while this one protects your own assets. The cost of the damage caused to anything you own will be (partially) covered. This includes theft and vandalism, but it also covers costs incurred by natural disasters, such as floods, fire, or earthquake, to name a few.
  • Product Liability: If your anybody gets injured using an elevator you manufactured, the legal and settlement expenses resulting will be covered by this type of insurance.
  • Workers' Compensation: Employees in the elevator industry face a relatively high risk of work-related injuries. This type of insurance covers the medical bills, as well as lost income while they recover.

The elevator business has great potential, is a steady industry, and, all in all, it's a good idea to invest, or keep working in this line of work. Having a backup plan if something goes wrong is also vital, however.

The risks are many, and some of them can even make your company go bankrupt. Hope for the best, but be prepared for the worst, by speaking to your commercial insurance broker who can help you select the right elevator manufacturers insurance policies.

Elevator Manufacturing's Risks & Exposures


Premises liability exposure is limited unless customers are allowed on premises to evaluate progress on custom orders or the manufacturer conducts tours. Visitors may be injured by slips, trips, or falls. The storage of materials in the open could pose an attractive nuisance. The yard should be fenced to prevent unauthorized access, with proper lighting and warnings.

Dust, fire or explosion, fumes, and noise may affect neighboring properties. Off premises exposures are extensive if the applicant installs or services units. Passersby and employees of other contractors can be injured by falling objects, trip hazards, and falling into an unprotected opening in an elevator shaft under construction.

Because welding and soldering takes place during installation, controls must be in place to prevent fire damage to the elevator and surrounding areas.

Products liability exposure is significant due to the potential for bodily injury or property damage should an elevator fail. An improperly designed or installed elevator can fall or stop between floors, trapping passengers. Doors should not open between floors or in the event of fire. Should an elevator ever fall or swing loose, the shaft, cables, and wiring can be severely damaged.

It may be impossible to defend against questionable claims unless there is an aggressive quality control program including high standards for materials, testing and monitoring of components, and documentation of sources down to each individual part. Losses may be caused by poor workmanship, faulty design, faulty installation, or hidden damage during storage (such as rust) or during shipping (such as unseen breakage of a part).

The life span of an elevator may span several decades. Older elevators made before improved safety features were introduced may still be in use.

Environmental impairment exposure can be significant due to possible contamination of ground, air, and water from the chemicals and paints used in processing and lubricants and solvents used to service machinery. For plastics, the raw materials may be toxic and are flammable, the catalysts may be caustic, and the final product is usually not biodegradable. Storage and disposal procedures must adhere to all EPA and other regulatory standards.

Workers compensation exposure may be extensive. Injuries from production machinery are common, as are burns, cuts, puncture wounds, slips, trips, falls, back injuries from lifting during production, delivery, or installation, eye injuries from flying debris, hearing loss from noise, and repetitive motion losses.

Amputations can occur from working with machinery. Workstations should be ergonomically designed. The high volume required for production schedules may lead workers to remove guards on the machinery, or to postpone maintenance and repair to increase production.

Eye, skin and respiratory irritants can result from spray-painting, coating and finishing, or welding. Workers should be aware of the toxic nature of any chemical and should be made fully aware of the need to watch for early signs and symptoms of problems.

Drivers of forklifts and vehicles may be injured in accidents. If the manufacturer installs or services elevators, workers can fall into shafts or be injured during testing.

Property exposures consist of offices, plant, and warehouse for finished units and yard for storage of raw materials. Ignition sources include electrical wiring, heating and cooling equipment, production machinery, and explosions from the build-up of dust from the cutting and sanding operations. The risk increases dramatically in the absence of proper dust collection systems, ventilation, and adequate disposal procedures.

Lubricants, solvents, or degreasers may be flammable and must be adequately separated and stored away from other operations. Additional exposures include electroplating, welding, soldering, plastics, and spray-painting. Spray-painting operations should be conducted in spray booths with explosion-proof wiring. The use of dip tanks instead of spray booths may require special attention.

Welding should be done away from combustibles. Some materials may be attractive to theft. Appropriate security controls should be taken including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department. Business income and extra expense exposures can be high when a lengthy amount of time is required to restore operations.

Equipment breakdown exposures include malfunctioning production equipment, ventilation and dust collection systems, electrical control panels and other apparatus. A lengthy breakdown to production machinery could result in severe loss, both direct and under time element.

Crime exposures are chiefly from employee dishonesty and theft. Employees may act alone or in collusion with outsiders in stealing money, raw materials or finished stock. Background checks should be conducted on all employees. There must be a separation of duties between persons handling deposits and disbursements and handling bank statements.

Inland marine exposures include accounts receivable if the manufacturer offers credit, computers (which may include computer-run production equipment), contractors' equipment for forklifts and other heavy machinery including cranes used in installation, goods in transit, installation floater, and valuable papers and records for customers' and suppliers' information.

The primary causes of loss are fire, theft, overturn, collision, and water damage. Items left at job sites may be susceptible to theft and vandalism.

Business auto exposure may be high if the manufacturer picks up raw materials or delivers pre-assembled elevator components to job sites. Transporting of the elevator boxes or wire cable could result in bodily injury or property damage losses if the load should shift or become unsecured during transport, resulting in collision or overturn.

Manufacturers generally have private passenger fleets used by sales representatives. There should be written procedures regarding the private use of these vehicles by others. Drivers should have an appropriate license and an acceptable MVR. All vehicles must be well maintained with documentation kept in a central location.

Commercial Insurance And Business Industry Classification

Description for 3534: Elevators and Moving Stairway

Division D: Manufacturing | Major Group 35: Industrial And Commercial Machinery And Computer Equipment | Industry Group 353: Construction, Mining, And Materials Handling

3534 Elevators and Moving Stairway: Establishments primarily engaged in manufacturing passenger or freight elevators, automobile lifts, dumbwaiters, and moving stairways. Establishments primarily engaged in manufacturing commercial conveyor systems and equipment are classified in Industry 3535, and those manufacturing farm elevators are classified in Industry 3523.

  • Automobile lifts (elevators)
  • Dumbwaiters
  • Elevator fronts
  • Elevators and elevator equipment, passenger and freight
  • Elevators, powered: nonfarm
  • Escalators, passenger and freight
  • Lifts (elevators), passenger and freight
  • Stair elevators: motor powered
  • Stairways, moving
  • Walkways, moving

Elevator Manufacturers Insurance - The Bottom Line

Not every elevator manufacturers insurance policy has the same coverage and exclusions. Learn if your elevator manufacturing operation has the best fit insurance policies by talking to an experienced commercial insurance agent.

Often they are able to save you on premiums and offer you better policy options than you currently have.

Types Of Small Business Insurance - Requirements & Regulations

Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.

Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.

Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.

Small Business Information

Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.

Small Business Insurance Information

In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.

The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.

Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.

According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.

Types Of Small Business Insurance

Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:

  • What type of business am I running?
  • What are common risks associated with this industry?
  • Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
  • Does my state require me to carry this type of insurance?
  • Does my lender or do any of my investors require me to carry this type of policy?

A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:

Business Insurance Policy Type What Is Covered?
General Liability InsuranceWhat is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.
Workers Compensation InsuranceWhat is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.
Product Liability InsuranceWhat is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.
Commercial Property InsuranceWhat is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.
Business Owners Policy (BOP)What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.
Commercial Auto InsuranceWhat is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.
Commercial Umbrella PoliciesWhat is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.
Liquor Liability InsuranceWhat is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.
Professional Liability (Errors & Omissions)What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.
Surety BondWhat is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).

Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.

Business Insurance Required by Law
Small Business Commercial Insurance

If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.

Your insurance agent can help you check applicable state laws so you can bring your business into compliance.

Other Types Of Small Business Insurance

There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:

  • Business Interruption Insurance
  • Commercial Flood Insurance
  • Contractor's Insurance
  • Cyber Liability
  • Data Breach
  • Directors and Officers
  • Employment Practices Liability
  • Environmental or Pollution Liability
  • Management Liability
  • Sexual Misconduct Liability

Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.

Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.

Additional Resources For Manufacturing Insurance

Learn all about manufacturing insurance. Manufacturers face many unique risks such as product libility and/or product recall exposures due to the nature of their business operations.

Manufacturing Insurance

For manufacturers, having the proper coverage is very important. You will need Products/Completed Operations Liability Coverage to protect you against injuries or property damage cause my the products you make or sell.

Manufacturing is an extremely broad category that includes countless potential hazards and exposures in virtually all coverage areas. Because of this, every individual manufacturer is unique and a specific risk survey of every operation is advisable.

The basic insurance needs for every class of business or operation includes property coverage for buildings, machinery and equipment, as well as for raw stock and finished products.

Liability insurance for premises exposures is important but products liability insurance presents greater concerns so these exposures and coverage needs must be evaluated carefully.

In addition, protection for injuries to workers, environmental coverages and automobile insurance are priority items.

What does the insured does that could result in a covered loss? The insuring agreement only requires that the insured be legally obligated to pay damages for injury to others or damage to their property included within the products-completed operations hazard covered by the insurance.

Because of this, every product manufactured and completed operation exposure for each named insured must be determined, described and evaluated to be certain that each represents acceptable exposures, or are acceptable classes of business to the insurance company providing coverage.

Once the extent of all business activities and operations is determined, the process of identifying hazards begins. The first step in the process is completely listing and describing all current products being manufactured and projects being worked on.

The next step is obtaining the same information for discontinued products and completed projects for the past five to 10 years, depending on the products or projects involved. This should include an explanation of why the products were discontinued. If some completed projects were of a different type than those currently being worked on, an explanation is in order, including whether the insured may resume them in the future.

Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Employee Dishonesty, Accounts Receivable, Computers, Goods in Transit, Valuable Papers and Records, General Liability, Employee Benefits Liability, Environmental Impairment Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.

Other commercial insurance policies to consider: Earthquake, Flood, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.

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