Commercial real estate professionals can have trouble sleeping for a variety of reasons. Whether it’s because they missed an important showing with a high-value prospect the day before or they’re worried about accidentally deleting or losing all documents related to a property, there are plenty of things that keep CRE pros up at night.
Commercial property insurance is one of them.
In fact, insurance can be a management nightmare that grows with a CRE pro’s portfolio. The good news is that streamlining this process can help a CRE pro get back to doing what they love. Let’s take a look at commercial property insurance and how CRE software can help reduce management time and errors.
A Look At Commercial Property Insurance
The more properties in your portfolio, the more insurance coverage you have to worry about. It’s not just the properties, either. There’s asset management for all of these properties as well. All these assets have their own values. Specific types of assets also may have important details like type, model, serial number and other information that needs to be documented for insurance purposes.
Head spinning yet?
We haven’t even talked about maintenance. Not only is there maintenance required for both the property and its assets, you have to keep track of the equipment required for maintenance. Improper inspections and maintenance issues can lead to liability concerns — especially for older properties. Finally, there are insurance renewal dates and coverage options to worry about.
How CRE Software Helps with Insurance
The good news is that commercial property insurance like Quarem can tremendously reduce your insurance management time and help prevent major insurance errors. Here are a few ways Quarem significantly helps with commercial property insurance:
- Resource consolidation: Create a catalogue of all equipment, inventory, computers, furniture and other assets — as well as their users and location.
- Detail management: Have instant access to important details about all assets and equipment, from track type, model and serial/VIN to warranties, value and more.
- Date tracking: Monitor equipment lease expirations and insurance coverage dates and options with automated critical date management.
- Maintenance details: Post notes and create reminders for maintenance, repairs, work orders, appraisals and other critical points related to insurance.
- Document storage: Securely store all insurance documents related to your properties and assets on a secure, cloud-based system you can access from all your devices.
If you’re interested in seeing how Quarem can help with commercial property insurance management, request a demo today.