Discover why property managers are choosing TrustLayer to protect their properties by increasing subcontractor insurance compliance and decreasing risk with the use of automated insurance verification to mitigate legal liability. See the benefits of COI for property managers today.
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Keeping up with subcontractor certificates of insurance and verifying coverage can cost you so much of your valuable time.
The process can be draining and difficult.
With TrustLayer, property managers can reduce or eliminate this risk by knowing whether each tenant and company working on the premises is compliant and has verified insurance documents on file before being permitted on the premises to render services. Our COI tracker technology allows you to focus on what really matters.
Property managers have a specific set of challenges and considerations. Effectively managing properties requires meticulous planning, thorough preparation, and dedicated effort. One of the important factors for property managers to consider is ensuring that they are sufficiently safeguarded against potential risk, legal liability, and so forth.
This is why a certificate of insurance (COI) is important. If you manage residential or commercial property, it’s time to think about the benefits of COI for property managers. Understanding COI for property management can make all the difference in your business approach.
Learn more about Generative AI models for property management
A Certificate of Insurance (COI) is a document issued by an insurance company or broker that provides a summary of essential details about an entity's insurance coverage. This document serves as proof that the entity, whether it's a business or an individual, holds a valid insurance policy and outlines key information, including insurance company details, insurance policy effective dates, coverage types, insurance policy limits, and policyholder information.
The COI provides tangible evidence that the residential or commercial property management business has insurance coverage. This helps mitigate risks associated with the responsibilities of property managers.
Many people who own properties require residential and commercial property management companies to have insurance as part of their contractual agreement. Holding a COI ensures compliance with these contractual obligations.
In the event of unforeseen circumstances or liabilities, like an injury, accident or damages, having coverage as indicated in the COI ensures that the property management business can navigate challenges without significant financial strain.
Coverage that is outlined in the COI may extend to protect those renting or leasing a space in case of property damage or other incidents. This improves the overall sense of security for both owners and tenants. Certificates of insurance show a lack of negligence on the owner's part and ensures renters or leaseholders feel a sense of trust and protection.
A Certificate of Insurance for property managers is instrumental in risk management, contractual compliance, maintaining a professional image, instilling client confidence, meeting legal requirements, protecting tenants, facilitating effective communication, and ensuring business continuity in the face of unexpected events. It ensures that all parties have done their due diligence in getting coverage and being properly insured.
TrustLayer is here to make the COI review process simple and easy for you so you can focus on taking care of business! Our tool offers COI tracking, compliance assistance, instant document data extraction, insurance endorsement analysis, and compliance analytics. We also provide reminders of expiration dates and automated follow-ups so you don't have to sweat the small things.
Contact us to learn more about our services and get started protecting your property and finances today.
