Risk & Insurance Management for Community Associations in MD & VA
Overseeing all the elements of your community association can easily turn into a full-time job. Things can become overwhelming if complications arise, such as not being prepared for an emergency or failing to manage your risks. When you want to keep the decision-making power within your community, but need help with risk and insurance management, turn to Tidewater Property Management.
We manage homeowners and condo owners associations in Maryland and Virginia. Let us handle your risk and insurance management needs so you can focus on other commitments required of you as a Board member.
Looking for a company manage your risk and get help purchasing the right insurance for your community association? If so, call Tidewater Property Management today to learn more.
What Is Risk & Insurance Management?
Every community is made up of residents living and working together. Unfortunately, natural disasters and accidents can happen, vandals can deface property, and delinquents can commit crimes. Risk and insurance management strives to keep these problems in your community to a minimum and correct them quickly when they do occur. The goal of risk and insurance management is to:
- Protect your community assets from loss
- Protect the value, beauty, and function of your community assets
- Prevent injuries, accidents, and lawsuits in your community
- Perform consistent, cost-effective risk management
Our Risk & Insurance Management Services for Community Associations
With Tidewater Property Management on your side, you can expect to benefit from comprehensive risk and insurance management. Our team is highly trained and has years of experience providing these types of services for community associations in Maryland and Virginia. We ease the burden of serving on the Board of Directors by offering these services:
- Identify possible exposure to loss: The four types of exposures to loss include liability, property, personnel, and net income. Identifying these risks is the first step to protecting your community from them.
- Assist the Board in developing and implementing risk management techniques: We help you with risk control, which strives to minimize losses associated with existing hazards. We also advise risk financing, which includes obtaining insurance, setting aside funds for premiums and deductibles, and preparing to pay for small losses not covered by insurance.
- Assist the Board in developing and implementing safety programs: We can help you create and put safety programs in place that address evacuation routes, emergency lighting, fire safety, flood and water damage, balcony safety, playground hazards, and more. Part of reducing risk is being prepared for emergencies.
- Recommend professional risk management and insurance professionals: If you need help executing risk management techniques and purchasing the right insurance for your community. We’ll point you toward the right contractors and insurance professionals who can help you meet your goals.
- Respond to resident/owner inquiries: We can field phone calls and send out notices to address residents and homeowners who have questions and concerns regarding the protocols you put in place for the community. Doing this frees up your time to focus on other aspects of serving on the Board of Directors.
Schedule Risk & Insurance Management Services in MD & VA
At Tidewater Property Management, our experienced team knows how to tailor our services to meet your community’s individual needs. By picking and choosing the precise risk and insurance management techniques you need, you keep costs down and maximize the effectiveness of your Board of Directors. To learn more about the services we offer in Maryland and Virginia, please contact Tidewater Property Management today!