In the property management industry, we would not be able to function without our vendors. Vendors help us get our jobs done. They include maintenance staff and personnel as well as other professionals who represent and reflect our companies. So, we need to know how to find vendors and vet them.
Screening Vendors: Why Insurance is Important
One thing you must do is make sure your vendors are insured. Vendor insurance is required for your risk management. It’s a struggle in my area of Santa Cruz, because small vendors often don’t carry insurance. But, it’s important to seek out and work with vendors who do have insurance. It protects you from additional liability. If a vendor gets hurt on the job site and is not insured, you could get sued.
Protect Yourself with Licensed, Insured Vendors
You don’t want to get sued, and if you’re a property manager, you don’t want your owner to get sued. I have testified as an expert witness in court cases, and one case was around this exact issue. An owner hired someone to do work at his rental property, and the person got hurt and didn’t have insurance. The vendor sued the owner. As professional property managers, we want to make sure we vet our vendors. Look for professionals who are licensed, insured, and reliable.
LandlordSource has great products for finding vendors. You can find a property management vendor application as well as information on how to hire vendors and what they should be required to provide you. The entire process is outlined for you.
Check out our products, and if you have any questions about how to find vendors, please don’t hesitate to contact us at LandlordSource.
