Most CRE firms have a compliance rating under 50%. Does yours?
If you aren’t compliant, you’re risking potentially multi-million-dollar claims. But, tracking compliance and COIs can be a lengthy process – not to mention confusing. Staying on top of compliance can seem like a never-ending battle you can’t win.
How can you be fully compliant when it’s so complicated to manage?
Use property management insurance software. From automatically tracking COIs to having a risk overview to expert support, property management insurance software can make compliance easy.
Wondering how to manage risk and improve compliance with property management insurance software?
Here are 3 ways to do just that.
1. Automate Certificate Tracking
Instead of manually keeping track of your certificates, property management insurance software can do it for you.
Tracking your COIs usually involves manually entering certificate data. This takes up a significant amount of your time – which is always in short supply. As 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 make sure all the data is easily accessible for audits. Maintaining these files is time-consuming. And, it’s easy to misfile a certificate and be unable to find it when you need it.
With property management insurance software, you no longer have to manually enter certificate data. The software can read and record COI info. And, property management insurance software can organize your digital files, so it’s easy to find anything certificate related.
Plus, insurance agents can directly upload necessary documents through their own portal. You don’t have to obtain and enter these documents. Instead, insurance agents can do it – which is one less thing you have to do.
Automating certificate tracking with property management insurance software can help you increase your compliance – for a fraction of the cost of other solutions.
2. Get Risk Insights
Tracking insurance manually can be a complicated process with little visibility. However, property management insurance software can increase your insurance visibility – and help you mitigate risk.
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. But, if you aren’t aware of outdated certificates, you’re more likely to have a costly claim.
Property management insurance software can increase your insurance visibility with an easy to use dashboard. At a glance, you can see which certificates are valid, expiring, or missing. That way, you can renew any certificates before they expire. And, you can get missing COIs – so your property is fully compliant and protected.
Instead of having to hire people to generate compliance reports or inform you of compliance issues, your property management insurance software can do it. For a fraction of the cost of hiring someone, your insurance software can increase your visibility and mitigate risk.
With property management insurance software, you can get risk insights – right from the dashboard view. That way, you always know what’s happening with your property compliance – so you don’t have costly claims down the road.
3. Rely on Expert Guidance
Ensuring your property is fully compliant is no small job. Instead of spending so much time on compliance – with little assurance your property is fully compliant – you should turn over the task to experts.
From understanding all the compliance requirements to making sure vendors are compliant, there are many components to being fully compliant. With so many other property tasks to do each day, it’s hard to stay on top of all of the different aspects of compliance.
With property management insurance software, you don’t have to. The right insurance software is equipped with a team of insurance experts. These experts can review your current compliance and suggest ways to increase your compliance.
Plus, these insurance experts can work directly with vendors and their agents on compliance. Instead of having to track down every vendor, your property management insurance software experts can do it for you.
And, with property management insurance software, this expertise comes at a fraction of the cost. Instead of hiring an in-house insurance expert or an insurance firm, this expert guidance is included in the price of your software. So, you get the benefits of insurance compliance experts – without the hefty price tag.
Property management insurance software equipped with expert guidance can help you increase your compliance – without the frustration and time-wasting that comes with doing it yourself. Plus, with insurance software, you can get this expert assistance at a fraction of the price.
Wrapping It Up
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 can boost your compliance – while saving time. Plus, this software is a fraction of the cost of hiring someone to manage your compliance. So, you can manage your risk – without risking your budget.
Looking for property management insurance software that simplifies compliance? Give Prism a try. Prism’s insurance module can help you manage risk with all of these features and more.