Most CRE firms have an insurance compliance rating under 50 percent. If you aren’t compliant, you risk multi-million-dollar claims. But tracking compliance and certificates of insurance (COIs) is a lengthy, confusing process. How can you be fully compliant when it’s so complicated to manage? With property management/certificate of insurance software.
Good software makes compliance easy by automatically tracking COIs, offering a risk overview, and including expert support.
Here are three ways to manage risk and improve compliance using property management insurance software.
Automate Certificate Tracking With Insurance Software
Instead of manually keeping track of your certificates, property management insurance software does it for you.
Tracking COIs usually involves manually entering certificate data, which takes up a significant amount of time. And if entering the data isn’t enough of a chore, you have to stay up to date with every certificate. With so much to manage, it’s easy to lose compliance without knowing it.
Along with keeping track of certificates, you have to ensure all data is easily accessible for audits. Maintaining these files is time-consuming. And it’s easy to misfile a certificate, making it hard to find when you need it.
With property management insurance software, you don’t have to manually enter certificate data. The software reads and records COI info and organizes your digital files, so it’s easy to find anything certificate-related. And insurance agents can upload necessary documents through their own portal so you don’t have to.
Automating certificate tracking with property management insurance software helps increase your compliance for a fraction of the cost of other solutions.
Get Risk Insights
Tracking insurance manually is a complicated process with little visibility. However, property management insurance software simplifies the process and increases visibility.
Due to the many moving parts of compliance—like expiring and missing COIs—it’s hard to know everything that’s going on at any given time. Much less real-time updates. And if you aren’t aware of outdated certificates, you’re more likely to have a costly claim.
Property management insurance software gives you total visibility with an easy-to-use dashboard. At a glance, you can see which certificates are valid, expiring, or missing. So you can renew certificates before they expire, and source missing COIs so your property is fully compliant and protected.
You can also get risk insights, so you always know what’s happening with your property compliance and don’t have costly claims down the road.
Don’t hire people to generate compliance reports or tell you about compliance issues when software can do it for a fraction of the cost.
Rely on Expert Guidance
Ensuring a property is fully compliant is no small job. Instead of spending time on compliance with no assurance your property is fully compliant—turn the task over to experts.
Good property management insurance software will be equipped with a team of insurance experts. These experts can review your current compliance and suggest ways to increase your compliance. And they can work directly with vendors and their agents on compliance. Instead of having to track down every vendor, experts do it for you.
With property management insurance software, this expertise comes at a fraction of the cost of hiring an in-house insurance expert or an insurance firm. (It’s included in the price of your software.) So you get the benefits of insurance compliance experts, without the hefty price tag.
Insurance Software Makes Compliance Simple
Most CRE firms struggle with compliance. It’s complicated, time-consuming, and ever-changing. As such, being fully compliant can seem impossible. But if you aren’t compliant, you risk costly claims.
Property management insurance software makes compliance easy. With automated certificate tracking, risk insights, and expert guidance, you save time while boosting compliance. And this software is a fraction of the cost of hiring someone to manage compliance. So you can manage risk without risking your budget.
To learn more about managing your insurance, watch the Building Engines webinar, Risky Business: Keeping Your Insurance House in Order.
