Category Archives: Condo Association Management

Does Your HOA Need Workers’ Comp Insurance?

Workers’ compensation is a common form of insurance that many businesses employ to protect their leadership and reputation. Although workers’ compensation is required in many states across the nation, Texas allows it’s business owners the choice to enact this type of insurance.

Associations are part of an industry that makes money from owners, therefore making them a business. Business protection from all is paramount. So, let’s take a deeper look at workers comp insurance and whether or not it’s an expense your association should adopt.

What is Workers’ Compensation Insurance?

You are legally required to keep your association a safe place for volunteer and employment purposes. However, accidents happen, and when they do, your association could easily be held liable.

If a board member, volunteer, or vendor is injured while performing any HOA duties your association’s finances and reputation are at stake if the injured person pursues a lawsuit. Workers’ comp essentially serves as security insurance that stops lawsuits in their tracks and prevents your association from paying compensation to injured parties out of its annual budget.

Why Would an Association Need Workers’ Comp Insurance?

Although an HOA isn’t the total standard business that has full-time employees performing its daily duties, it’s still recommended that a responsible association invests in a reliable workers’ compensation insurance plan.

Let’s get into why.

Not All Would-Be Vendors Are Honest

Just because a vendor says they are insured and provides “proof” of insurance, doesn’t mean their coverage is in effect.

Therefore, if something were to happen to a vendor that injured them on the job, your association would be held liable. Workers’ comp insurance helps your association avoid any legal troubles and serves as protection against any vendors that attempt to pull the insurance wool over your board’s eyes.

Workers’ Comp Covers Board Members and Volunteers

The community members that bring an association together are mainly a collective of local volunteers. If someone were to get injured while carrying out any association tasks, your workers’ comp insurance would ensure their medical/financial needs are met and that your association is thoroughly covered.

How Much Coverage Does an Association Need?

While there really isn’t a general average for coverage, it’s safe to say that the amount of coverage necessary depends on the size of the association and the level of work required to maintain it.

Your association management team can help your Board make an educated decision about how much workers comp coverage your organization needs. Keep in mind that if you are working with an association management company, that organization’s workers’ compensation coverage does not apply to your HOA in the event that something goes wrong.

Cover Your Association’s Insurance Needs With Goodwin & Company

If you have questions about the different types of insurance your association needs for security, the team at Goodwin & Company can help! We have experienced association management professionals that can give your Board the assistance it needs to create a successful and pleasant association for its members.

Contact us today to learn more about our services and how we can help improve your association from behind the scenes.

5 Reasons You Need a Condo Management Company

Many people across Texas enjoy living the condo lifestyle. However, leadership styles range, and those with only a volunteer board on their side may require a little extra help for success.

If your association is feeling a little stale and needs some rejuvenation in its system, here are five reasons why your board should hire a COA management company to bring organization to your community.

Less Stress for Volunteer Board Members

Your COA’s Board of Directors is made up of elected volunteers with everyday lives and responsibilities. Between collecting dues, following up with community complaints, and trying to be a positive face amongst fellow condo owners, the job can be stressful.

COA management can easily come in and help with the behind-the-scenes responsibilities and make being a board member volunteer a more enjoyable and productive experience.

Trust us to help you with essential tasks like:

  • Delinquent dues collection
  • Legal assistance
  • Vendor management
  • Project management, and more, which we’ll discuss below!

Strong Regulation Enforcement

The rules and regulations of any condo community are in place to keep the community comfortable, happy, and safe. When an owner or one of their guests violates any CC&Rs, your management team can quickly start the enforcement process.

We approach every situation with consistency and will serve as an independent third party during times of community conflict. Our impartial position prioritizes your owners’ needs to quickly resolve HOA rule violations or any neighborly conflicts.

Management Teams Improve Annual Budgets

While most budgets in a COA tend to stick to what worked in the past, many don’t try to push their association towards a brighter future.

COA management brings professional financial experience to your organization and can help create a budget that allows your association to meet its current goals and prepare itself to meet goals that it has in its sights for the future.

Service Beyond the Status Quo

A professional management team can help shake up the status quo of your COA. Our goal is to improve your community and increase the value of ownership to its members. From landscaping improvements to increased community awareness of CC&Rs, our team is prepared to go above and beyond to make your COA a pillar of its industry.

Management Companies Come with Essential Connections

When you hire a management team to help with your COA, you’re bringing on a team with valuable connections that promote direct improvement for your community.

At Goodwin & Company, we take pride in the professional relationships we’ve cultivated over the years. Working with us brings the following value to your association management:

  • Legal professionals
  • Qualified vendors
  • Financial experts

When situations arise that require expertise that goes beyond the average board and our management team, trust us to bring in qualified field professionals that solve problems and improve operations.

Keep Your Condominium Association On Top with Goodwin & Company

If your COA is ready for a positive change of pace, the management experts at Goodwin & Company are ready to help! We have decades of experience in the management field and have successfully improved COAs and HOAs across the Dallas-Fort Worth area.

Join our family today! Contact us to learn more about our services.