Choosing the Right Vendor for Commercial Property Inspection

Choosing the Right Vendor for Commercial Property Inspection

A commercial property’s risk profile can be far harder to discern than that of a residential structure. While most single-family homes have significant similarities, the same cannot be said of businesses.

To adequately assess risk and mitigate it where necessary, an underwriter must be equipped with a commercial inspection report that provides accurate, trustworthy information about the structure.

Business owners may balk at the need for a commercial inspection, especially with existing properties more likely to have issues. In the long run, however, everyone benefits when the right commercial inspection processes are in place. Mitigating risk now may mean reduced liability in the future.

In general, the fewer vendors you need to complete all of your commercial property inspections, the better. By choosing just one vendor whose coverage area overlaps yours, you have the chance to cut down on overhead and duplicative work. This makes decisions about vendors crucially important.

It’s not only about your productivity, but your reputation for excellence.

With that in mind, it’s worthwhile to wonder: What factors signal a vendor is highly qualified?

What to Look for When Choosing Your Commercial Property Inspection Partner

Insurance professionals know perhaps better than anyone else that getting informed is the best way to approach any important decision. Sometimes, it can be difficult to decipher what makes any one vendor different from another, but it is worth the extra time to research.

A few factors can make a big impact, especially in combination.

Let’s take a closer look at the elements that can make one vendor a better selection:

1. An Effective Inspection Verification Process

If you already have a vendor, pay close attention to both their accuracy rates and turnaround time over the course of working together. A new vendor’s inspection verification process should offer KPIs that are equal to or better than what you’re used to. Naturally, the data used to substantiate their claims must be sound and should be granular enough to understand performance trends.

2. Rigorous Quality Assurance for Reporting

Once a field report is complete, it isn’t the end of the story. Field reports on any commercial inspection project should be followed up with a thorough quality assurance review before client delivery. Often, a review is performed in accordance with an in-house checklist – you can ask to see this checklist or other documentation.

3. In-House Personnel Over Subcontractors

As with anything else related to contracting, it is usually best to have trained in-house personnel. Even if a subcontractor is fully qualified, they often operate with less oversight. A business that grows so fast its in-house specialists are outnumbered by subcontractors is often on its way to a gradual reduction in not only quality but customer care.

4. A Commitment to Understanding You

Your specific underwriting requirements are the backbone of any commercial inspection process that will truly meet your needs. If an organization is fully committed to understanding those requirements, there must be a program in place to transfer the necessary expertise. At Insurance Risk Services, our classroom-based training is among the best in the industry.

5. Internal Audits for Continued Quality

Internal auditing is one of the most dreaded functions in any enterprise, but it is an absolute necessity for consistent performance over long periods of time. Any company that wants to be successful as part of the insurance underwriting process should embrace internal audits. For commercial inspections, this should take the form of field spot checks and randomized record reviews.

6. Full Integration of Lessons Learned

Mistakes can happen, but the same mistake should never be repeated. Insurance Risk Services staff are trained to recognize “exceptions” and document the full circumstances. As a result, we have continuous process improvement that facilitates better and better results for our insurance industry partners. This also helps us attract and retain some of the best talent in the business.

7. Superior Technology Across the Workflow

Insurance Risk Services is an innovator in the area of commercial inspection technology. Our unique full workflow solution provides complete visibility throughout the entire inspection. You always know what is happening next and who is responsible for it. Web and tablet-based interfaces enable everyone in the value chain to get the insights they need from anywhere.

Insurance Risk Services Maintains the Highest Standards

High standards are a must in the world of commercial inspections. At Insurance Risk Services, we strive to raise the bar in processes, personnel, and technology. When these three factors come together, the results are better, faster, more accurate inspections throughout your whole portfolio.

Contact us to find out more or get started today.