One crucial aspect of risk management in industrial real estate management is the tracking of Certificates of Insurance (COI). COI tracking for industrial properties verifies the presence of insurance coverage for all relevant parties involved, be it vendors, contractors, or tenants. 

Manual tracking of these certificates, especially for large property portfolios spanning multiple geographical locations, can become labor-intensive and prone to human error. In our tech-driven world today, switching to automated COI tracking for industrial properties introduces efficiency, accuracy, and peace-of-mind. 

The role of tech in COI tracking for industrial properties 

COI tracking software revolutionizes the process by which certificates are managed. It provides a centralized repository for all COIs, making access, verification, and management seamless. The central digital repository allows you to track and manage all certificates, requirements, and compliance statuses from a single platform. 

The software offers instant visibility into the COI status of all vendors, suppliers, and tenants. COI tracking software makes it simple for agents to upload COIs directly to you. This ensures that insurance coverage is never lapsed and compliance is always maintained, minimizing your risk of significant financial implications in the event of incidents or disputes. 

Work orders in the digital age: Streamlining operations for industrial portfolios

Work orders in the digital age: Streamlining operations for industrial portfolios

Welcome to streamlined work orders in the digital age, where next-gen digital work order management systems leverage tech to streamline, optimize, and enhance the entire lifecycle of a work order.

5 benefits of COI tracking software 

Implementing COI tracking software offers multi-faceted benefits, including: 

1. Timely verification

Automated reminders and alerts ensure that COIs are always up to date, flagging upcoming expirations and prompting renewals. This ensures seamless continuity of coverage.

2. Risk reduction

By validating that all vendors, contractors, and tenants have necessary insurance coverage, potential liabilities are significantly reduced.

3. Easy access and retrieval

Need to verify a vendor’s insurance status? Or perhaps present a tenant’s COI in the event of a dispute? The software enables instant access and retrieval, simplifying the verification process.

4. Automated compliance checks

The software facilitates automated checks for compliance against predefined criteria, ensuring that the COIs meet all necessary requirements.

5. Integration with other systems

The right COI tracking software can integrate seamlessly with other property management tools, providing a comprehensive overview of all operational aspects. 

Is property management software worth it? Yes, and here’s why.

Is property management software worth it? Yes, and here’s why.

Learn how property management software can be the game-changer you need to take your property management strategy to the next level.

Strategically streamlined operations 

As the world of industrial real estate evolves, automation and digital transformation are no longer optional. They have become a necessity for efficient operations, increased profits, and improved risk management.  

Transitioning to a COI tracking system is a strategic move towards streamlined, risk-secured property management. It not only responds to today’s challenges but also prepares you for future expansion and the changing regulatory landscape. 

Download the “Industrial CRE technology guide” to discover the right building operations software to streamline the management of your sprawling assets and industrial portfolios.