“Certified Compliance Depot Approved”
Our business has been tested and inspected by Compliance Depot. Full background check, insurance verified, tested and all verified.
In today?s high-risk business environment, hiring a vendor without first verifying their performance, criminal record and financial standing can result in fraud, unsatisfactory work and lost time and money.
Checking a vendor?s credentials is an essential business practice that should be performed before providing a vendor access to your business assets, staff and residents. And making sure they continue to comply with your company policies is just as important. Let Compliance Depot manage the time-consuming and costly vendor credentialing process for you.
Protect Your Business
We?ll do all the legwork and manage critical documents to ensure vendors meet your company?s policies. Services include:
- Managing liability insurance certificates
- Handling vendor requirements, acknowledgements, agreements and special requirements
- Managing vendor W-9 forms
- Checking vendors’ corporate status
- Verifying business and professional licenses
- Identifying bankruptcy liens and judgments
- Performing national criminal and background sex offender checks
- Searching the Government Watch List
- Protect your Staff and Residents
Performing a thorough background check on vendors can help you reduce risk and protect the well-being and safety of your staff and residents. Compliance Depot?s National Criminal & Sex Offender Search includes access to more than 150 million criminal records across the United States and provides a comprehensive search of multiple criminal record sources, including federal, state and county criminal record repositories, records from other state agencies, prison parole and release files; and it includes all 45 state sex offender files.
Access Vendor Certificates of Insurance
Eliminate the phone calls, emails and time spent chasing down paper. Compliance Depot provides a secure, online portal that gives you on-demand access to vendor information including a history of certificates of insurance. The online storage of these documents makes it easy for your staff to track and review important vendor changes, and it ensures you have an easily accessible audit trail.
Reduce Vendor Liability
Using a vendor in the Compliance Depot database ensures that they have all their necessary certificates, licenses and other critical documents. You don?t have to worry about staff making errors while performing vendor credentialing in-house or hiring a non-credentialed vendor, both actions that can lead to increased risk and financial loss.
Vendor Accountability
Compliance Depot ensures vendors meet your company’s criteria on an ongoing basis. To begin or continue to work with your organization, vendors must agree to abide by your business practices and code of conduct policies. If a vendor doesn’t maintain up-to-date documents, we will notify you.
Vendor Diversity Database
Whether you’re following your company’s vendor diversity policy or wanting the advantages associated with vendor diversity, we can help. With Compliance Depot you’ll have access to the largest known vendor diversity database of minority-owned and women-owned businesses. You can easily filter search results to show only those certified businesses, and our system can help you track and report when you do business with minority-owned vendors, making it an ideal solution for affordable, military, and government housing.
Integrates with Purchasing System
Compliance Depot can be easily integrated with Ops Technology or One Site Purchasing for a complete vendor management and purchasing solution. An integrated solution can help ensure your staff is using approved vendors for increased efficiency, tighter control of spending, reduced risk and more.
FAQs
Why is my management company using Compliance Depot?
In today’s business environment the importance of proper insurance verification to protect the interests of apartment communities has become more important due to the complex nature of insurance claims involving the relationships between residents, management companies and property owners. In addition, your management company is seeking to ease the burden of insurance certificate administration and filing by the site staff. This process allows you as a site manager to focus on the critical duties related to business operations and less on paperwork for certificate tracking. Lastly, this service will allow your management company the ability to have all insurance certificates available via electronic scanned images on the web via a central repository.
Who pays for this service?
Compliance Depot will charge each vendor an annual fee for this service. The fee is $80 for those select vendors who are not required to provide a certificate of insurance in connection with the services they provide. An example would be a vendor that ships all products to your site via UPS. For those vendors who will need to visit your site, a fee of $99 will be charged by Compliance Depot to the vendor. The fee is charged annually per client and NOT per location. Many vendors regard this as a very small price to pay for not having to compete with other vendors who cannot satisfy our insurance and other selected criteria.
What are the insurance requirements for my site?
The insurance requirements are located on the Compliance Depot website and are available to the vendors from their homepage. They are also available to the site managers on the Vendor tab of the website. These requirements have been defined and approved by your management company’s risk management department to ensure that adequate coverage and protection are in place per your company’s guidelines. The insurance requirements can also be obtained by contacting Compliance Depot at 888-493-6938.
Why is Compliance Depot so strict with the insurance requirements?
Compliance Depot enforces what your management company requires for insurance certificate limits and additional insured language. Since Compliance Depot is only enforcing what your management company requires them to enforce, there is no opportunity for Compliance Depot to make a subjective evaluation regarding a vendor’s insurance certificate. The vendor’s insurance certificate either meets your company’s required standard for insurance and additional insured language or it does not. (See section on override requests for those vendors that are deficient)
Who should I call if I have questions about the Compliance Depot process?
All questions regarding the qualification process, including any questions relating to necessary documentation, should be directed to Compliance Depot at 888-493-6938.
Compliance Depot FAQ’s July 2014
Vendor Insurance Verification
Vendor Verification Process
How does a new vendor get added to my list?
If your management company has an OPEN vendor list you may direct the vendor to contact Compliance Depot at 888-493-6938. A customer service representative will add them to your list. You may also add them to your list via the Compliance Depot website if you have been granted access by your management company.
If your management company has selected a CLOSED vendor list you will need to sponsor the vendor according to your internal protocol. Once a vendor has been added to the website they will receive information from Compliance Depot regarding the enrollment process.
Important: To determine if your company has an open or closed vendor list you may contact customer service at 888-493-6938. Please keep in mind that vendors should send documents to Compliance Depot…not you! The point of this process is to alleviate your burden of checking on and following up on vendors for insurance requirements. Should a vendor drop off new vendor documents at the site, kindly direct the vendor to submit them directly to Compliance Depot.
How long does it take a vendor to become approved by Compliance Depot?
This depends on how quickly the vendor and/or insurance agent can provide the correct and necessary documentation. In many cases, the process takes less than 48 hours.
However, if the vendor has less than acceptable requirements or would like to negotiate the limits of insurance required then the amount of time to complete the process can be
longer.
Does this process apply to new vendors only or does it apply to all vendors?
With respect to insurance coverage, permit and license requirements there is no remarkable difference between your existing vendors and new vendors. In fact, one of the greatest exposures for management companies relates to business relationships with long term current vendors who have allowed their insurance coverage or licenses to lapse. Accordingly, both existing and new vendors will need to be qualified through Compliance Depot.
What if a vendor does not meet my management company’s insurance requirements?
Vendors who do not have adequate insurance or valid permits or licenses (in categories where such permits and licenses are required) will not be authorized as an approved vendor. Should a vendor fail to satisfy any other criteria, you must obtain approval to use the vendor from your corporate office. You should, however, be prepared to explain why using this vendor is essential, despite the vendor’s deficiency of insurance or other required standard. There should be very few instances where such approvals are requested.
Does my vendor need a computer to complete the registration process?
No. Compliance Depot is accustomed to dealing with vendors that do not have a computer. They are also accustomed to dealing with widely varying computer skills.
Compliance Depot FAQ’s July 2014
Vendor Insurance Verification
Vendor Verification Process Continued
If a vendor has a question about this program who should they talk to?
Vendor questions, issues, and concerns regarding their set up in the vendor management system including any questions relating to necessary documentation, should be directed to Compliance Depot at 888-493-6938. They have customer representatives available Monday through Friday from 7:30 AM to 6:30 PM Central Standard Time to assist with any questions.
My vendor’s insurance agent has a question about the process who can they talk to?
Agent questions, issues, and concerns regarding the vendor’s set up in the vendor management system including any questions relating to necessary documentation, should be directed to Compliance Depot at 888-493-6938. They have customer representatives available Monday through Friday from 7:30 AM to 6:30 PM Central Standard Time to assist with any questions.
The vendor’s insurance company has sent me a new insurance certificate, what should I do?
Contact the vendor and explain to them that the insurance certificate must go to Compliance Depot. Vendors are provided access which will enable them to upload their documents directly to the Compliance Depot website. Documents may also be sent to Compliance Depot by fax at 877-665-8910 or by email at documents@compliancedepot.com
Who checks the requirements for each vendor?
Compliance Depot will verify the insurance limits, additional insured language, and other requirements. All coordination and communication with the vendor and/or their
insurance agent for collecting these documents will be handled by Compliance Depot.
Do I have to verify the insurance amounts and sign up the vendor each year?
No. Compliance Depot will coordinate the communication and collection of the renewal insurance certificate prior to the expiration of the existing certificate. In addition, should your management company have any circumstantial changes to the requirements for insurance; Compliance Depot will coordinate the compliance of the new requirements for the insurance certificate with the vendor.
What if my vendor never comes on site, do they need to register with Compliance Depot?
While insurance certificate verification is the primary service; Compliance Depot also verifies professional licenses, past collections and/or liens, business owner background checks. Therefore, even though a vendor may not come onto to your property, your management company is still able to provide a measured amount of protection for the property and the ownership structure by having all vendors register with Compliance Depot.
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