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.
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.
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.