Vendors are on-site everyday performing necessary services to upkeep your managed communities. While performing their various services, vendors pose risk to the properties and owners. When accidents occur, it is essential to know that the vendor’s policy will cover any losses. Proper vendor vetting protects against undue costs being absorbed by the management company and the community’s insurance policies.
When a vendor arrives on site, the client assumes the vendor has proper insurance. Management companies are entrusted with this assumption. When an accident happens and a vendor’s insurance is needed to pay for losses, holes in the management company’s vetting process may be exposed.
Insurance is one of the most important components of a community’s budget. The loss run of the association, in a large part, determines the cost of the insurance policy to the community. Preventing losses from vendor interactions is an essential strategy to keeping loss runs low and association dues competitive.
VIVE offers to our clients a licensed risk management team that specializes in the property management industry. Additionally, VIVE’s leadership features management company ownership background and multiple management software solutions supporting the management industry. This specialized and unique leadership brings real world experience with supporting management firms and the communities they manage. Read more about us.
VIVE’s vetting process also allows management users to rate the vendors within VIVE. Ratings are a great way for management firms to pass along vendor experiences for future selection purposes. Ratings within VIVE bridge the gap for managers working in a fast pace environment to obtain useful information about a vendor within their office co-workers.
VIVE offers a powerful, yet simple solution to offer out RFP’s to vendors. Quickly source vendors within your vendor pool to offer out bid opportunities within the application. Additionally, contracts can be stored to manage renewals and provide accessibility view at any given time.
Benefits to getting registered and Approved with VIVE allows you to continue your business relationship with our mutual client(s). Additionally, VIVE approval allows you access to future bid opportunities, additional client visibility and VIVE’s Vendor Savings Program. For a full look at the Vendor Benefits, please click here.
You are being asked to register as a mutual client has engaged VIVE to oversee their vendor compliance program. Your business has been identified as a vendor that has been recently in use with a mutual client and your cooperation is appreciated to get registered and compliant to continue working with our mutual client.
Approval is not guaranteed but the requirements are disclosed for full transparency. If a vendor has concerns over gaining approval, assistance is available with online chat or by phone with VIVE’s customer service team.
During the registration process you will need to provide basic data about your company, trade and licensing information, your insurance agency contact information and then you will complete a Vendor Agreement and W-9 form. After you have registered and VIVE is reviewing your compliance information, you may have to provide additional information or answer questions from our customer service staff to complete the process. You will only be contacted for additional information if we have exhausted all other options.