Like it or not, Certificates of Insurance (COI’s) exist in commercial real estate for a reason. Namely: protection from unknown liabilities. These are scenarios in which you put your business (and affiliated individuals) at risk, because you cannot possibly cover all the bases.
Sure, it sounds crazy, but many CRE organizations needlessly expose themselves and their insurer to potential liabilities, due to inefficient paper-based risk management processes.
Consider just a few of the many possible risk-based scenarios:
- You hired a vendor to do some work on your property, but their COI was out-of-date. An injury occurs. Boom – you’re liable.
- You renewed a tenant contract, but you failed to check their COI document and didn’t realize they aren’t properly covered. Whammy – another liability.
- You just assigned work to be completed in a tenant space, but they are non-compliant. If something happens to their property, workers, or your own team members when work is being done – you’re liable.
A lot of these risky scenarios originate from a closed-system for monitoring Certificates of Insurance. You have to know which file to look at, when to look at it, and manage the communication process for ensuring that compliance requirements are met – and that can be a full time job in and of itself!
So why would you want to take a risk and pass on an opportunity to automate a good deal of the COI management and monitoring you have to do in order to help mitigate risk?
It’s time to digitize your workflow.
Building Engines COI Automation Dashboard Helps Mitigate Risk
Building Engines Certificate of Insurance Dashboard groups all of your COIs in a single online database, automatically notifying you if a certificate is non-compliant, and giving you the tools you need to stay ahead.
Here are 17 Reasons Why Automating COI Management is the Way to Go:
- Use fewer resources to do the job better
- Reduce COI administrative time by 75%
- Be proactive with managing certificates
- Receive custom compliance notifications and warnings
- You’ll never be surprised by an expiring COI
- Capable of managing your own, tenant, and vendor certificates
- Keep track of approval exceptions
- Set personalized COI reminders, including emailed COI health reports
- Assign COIs to multiple buildings without repeating work
- Can configure custom compliance rules for your needs
- Easy-to-use document upload tools
- Access certificates and documents on-the-go with the BE-Mobile app
- Can monitor COIs across your complete portfolio
- Automatically notify tenants, vendors, and insurance representatives about COI compliance
- Be prompted immediately when assigning work to non-compliant tenants or vendors
- Dive deep into your coverage, with powerful COI sorting tools
- Easily spot an insurer’s Best’s Credit Rating ™ when adding a COI
Learn more about how Building Engines COI Automation Dashboard can help you
Feeling the COI automation love?
You can learn more about it and some of the other risk management features found within our industry-leading Commercial Property Management Software on our website, or you can request a demo via our online demo request form.