Is your building fully compliant and protected from claims?
Keeping up with your certificates can be time-consuming and difficult. It’s hard to know if you’re missing certificates, which ones are about to expire, and what to do to be fully compliant. But, if your building isn’t compliant, then you’re at risk of losing millions to claims.
How can you protect your building from costly claims?
The easiest way to manage risk is to use COI insurance software – which can reduce manual data entry, track your certificates, and provide guidance from insurance professionals.
But, not all insurance software has what you need to be protected from expensive claims. So, it’s important to choose the right one.
Wondering how to make sure your COI insurance software can protect you from claims? Here are 3 features your insurance software needs to keep your building compliant.
1. Reduce Manual Data Entry
One way your insurance software can protect your building from costly claims is by reducing the amount of manual data entry.
If you don’t use insurance software – or use the wrong one – you’re responsible for inputting all certificate info, like expiration dates. This is not only time-consuming, with you or your team having to log every certificate. But, it also increases the likelihood that you’ll have the wrong certificate data,
While this could be as simple as misspellings, it could also be the wrong expiration date. If your certificate expires before you think it does, then your building is no longer protected from costly claims – which have the potential to cost your building revenue.
The right insurance software can remove this risk. Instead of your team inputting certificate data, you can have insurance agents upload the information directly. This not only makes sure you have the right certificate info. It also ensures you have the most up to date certificates – so you know exactly what you have and when it needs to be renewed.
Reducing manual data entry is a first feature your insurance software should have to protect your building from costly claims.
2. Track Certificates Efficiently
Another important feature your insurance software should have to help mitigate building risk is certificate tracking.
Having the right certificates is essential to be protected from costly claims. But, having these certificates doesn’t do much good if you misplace them. Or, you don’t have a way to quickly view them.
Unorganized certificates that are hard to access when needed do little to ensure you remain compliant. It makes it difficult for you to see which certificates you need to renew, which ones you’re missing, and which ones need additional work to fully protect your building. So, you could think you’re compliant when you’re not – risking being hit with revenue draining claims.
COI insurance software can make it easy to track your certificates. With a dashboard overview of all your certificates, you can quickly see which are up to date or nearly expired. This overview also makes it easy to spot problematic – or missing certificates – so you can fix them as soon as possible.
That way, it’s easy – instead of time-consuming – to know the state of your building compliance. And, address any issues before they result in costly claims.
Easily tracking certificates is another key feature your COI insurance software needs to keep your building protected against claims.
3. Consult Insurance Professionals
Along with reducing manual data entry and tracking certificates, your insurance software should include assistance from insurance experts.
Compliance and insurance are confusing and have so many rules it seems impossible to keep up with them all. But, not complying with even one regulation makes your building vulnerable to claims. What’s worse is you might not even know you have a compliance issue – until you face losing millions to claims.
So, your team has to spend a lot of time keeping up with insurance compliance – instead of taking care of tenants or keeping your building in top shape. While this might help your building be compliant, it can negatively affect other aspects of your building – like upkeep and tenant satisfaction.
Insurance software with experts you can consult helps you navigate compliance – without sacrificing needed team members to focus on it. And, with expert guidance, you can be sure you’re compliant, even if you don’t have every rule memorized.
Having insurance professionals you can consult is the last key feature your insurance software should have to keep your building protected from costly claims.
Wrapping It Up
Insurance compliance is necessary – but complicated, time-consuming, and hard to get right.
Since there’s so much to keep track of, it’s difficult to know if you’re doing enough to mitigate risk in your building. But, if you’re not compliant, you’re risking costly claims that could result in losing millions.
While you could spend the days or weeks necessary to become a compliance expert, an easier solution to protect your building is insurance software.
With insurance software, you no longer have to manually enter COI data. And, this software makes it easy to keep track of every certificate. If you run into an insurance problem, some insurance software also comes with a team of insurance professionals to answer any questions you have.
Looking for insurance software to mitigate risk by ensuring your building is compliant? Give Prism a try. Prism’s insurance module reduces manual data entry, makes it easy to track certificates, has insurance pros you can consult, and more.
Get started with your free Prism insurance demo today.