Submitting payment to owners preferred vendor

Our company can process all payments for work performed by any of our preferred vendors that have gone through our vetting process.  If an owner has a preferred vendor, we can handle all of the coordination, but the payment for any work completed, must be submitted by the owner.  Our GL and Workers Compensation insurance carriers prohibit us from making payments to vendors that have not been fully vetted by our company.  Prior to our company working with an external vendor, they go through our new vendor setup process.  This process is in place to protect the owner of the property and our management company. We have outlined the steps below that our company takes prior to working with a preferred vendor.

Vetting Process: 

1. Vendor receives welcome package
2. Vendor signs independent contractor agreement (this includes indemnification clause and insurance requirements)
3. Vendor uploads license information (if applicable)
4. Vendor uploads a copy of their general liability COI and contacts their insurance company to add our company as an additional insured
5. Vendor uploads copy of their workers compensation policy 
6. Vendor completes direct deposit verification

After the forms have been submitted, and our company has been added as an additional insured, we send the documents to our workers comp and general liability insurance carriers to ensure they have sufficient coverage.  This process takes anywhere from 1-2 weeks, depending on how quickly the vendor's insurance company generates the COI and our insurance company reviews the documents.  This process is required by our insurance carriers to ensure that both the owner of the property and our company are adequately protected.