Vendor Insurance

Running a community is a lot of work, and one piece of the puzzle is hiring qualified vendors for repairs, maintenance and many other tasks. However, before you sign any contract, you want to ensure the vendor is licensed and insured.shutterstock_263977940

Why Should You Only Hire Insured and Licensed Vendors?

There are a lot of things that can go wrong when you allow vendors to work within your community, and if someone gets hurt, your association could be held responsible. If the vendor isn’t insured, the responsibility falls onto the association. You may get sued or have to raise dues to pay for higher insurance premiums.

Making sure the vendor is licensed is another way to protect your community by ensuring they the proven skills and experience to do the job well. You may have to pay more for a licensed and insured vendor, but it will be worth it.

How Do You Find Out if a Vendor Has a License?

It’s not hard to determine if a vendor is licensed because they are required to display any state license on just about everything associated with advertising their business. Check their marketing materials to see if they have a state license number listed. If they don’t, keep walking.

How Can You Determine if a Vendor Is Insured?

When it comes to finding out if the vendor is insured, you just have to ask. The vendor may volunteer to show you their proof of insurance without you broaching the subject, but if they don’t, ask to see it. They should at least have commercial general liability insurance. You may even want to get a copy of the insurance certificate from the insurance agent.  If they don’t have any insurance, or they refuse to show you proof, find a different vendor.

What Else Can You Do to Ensure You Only Hired Qualified Vendors?

An excellent way to ensure you only hire qualified vendors is to create a list of approved vendors. Once you know of a few trusted, licensed and insured vendors, create a list and only hire vendors from that list.

There are a lot of vendors out there who want your business, but not all of them are quality vendors. Only hiring insured and licensed vendors is one of the best ways to ensure the work is done correctly and to the community’s satisfaction.

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