Here’s our TL;DR if you’re too short on time.
—The best subcontractor compliance software should be easy to use, audit COIs quickly, and be able to use for collaboration across multiple departments. And if it can integrate with Procore – a construction management software – even better.
—Jones has one of the fastest COI audit times for subcontractors and robust integration with Procore.
—myCOI has a very streamlined operating process once subcontractors are linked to your project. Plus, it provides detailed reports and risk insights to allow leaders to understand organizational compliance.
—TrustLayer uses Artificial Intelligence to resolve subcontractor compliance issues. It’s not 100% perfect, but it’s making strides.
Note: interested in exploring how Jones can help you automate your subcontractor compliance management? Talk to our team of experts today!
Features of a reliable subcontractor compliance management Software
Subcontractor compliance becomes very challenging with the sheer volume of subs working on a project at any given time.
For instance, when you have multiple copies of the same insurance docs, tracking which subcontractor has the correct and up-to-date compliance requirements is challenging.
Most construction companies start by using spreadsheets to manage subcontractor COIs.
However, spreadsheets are too hard to maintain, require constant updating, and can’t keep up when your company is scaling.
Therefore, you need an efficient cloud-based compliance management system with numerous features to streamline and automate your compliance workflow.
Here are the critical features we believe the best compliance software should have:
Ease of use
Most compliance tools claim to be user-friendly but still have outdated interfaces that are hard to navigate.
The perfect software should be intuitive, dynamic, and user-friendly with a smooth onboarding process.
In addition, the tool should provide you with detailed reporting and analytics. This will increase visibility and enable you to make data-driven decisions.
Faster COI audits
Slow subcontractor compliance management software will waste your time and won’t be a smooth process.
As a result, it may take more time to complete projects or even cause delays in paying subcontractors.
The software you choose should audit subcontractor COIs faster so they can get on-site as soon as possible and get paid once compliant.
Integration with Procore
Procore is a leading construction management software that we believe should collaborate with your chosen subcontractor compliance tool.
While compliance management software can help mitigate risks and ease compliance tracking, they are most effective if integrated with efficient workflows.
For example, we did a case study with one of our clients, Bulley & Andrews, a Chicago-based regional construction firm, and one of their main pain points was that the compliance system they were using at that time couldn’t integrate with Procore.
As a result, they had to manually upload, monitor, and update all compliance documents into Procore, which took their compliance department a lot of time.
“We used to have major workflow efficiency issues when it came to insurance compliance. The whole process was very manual and siloed. Our system was overloaded with redundant data, resulting in time wasted and delayed payments to our subcontractors.”
– Dana Erdman, Director of Technology and Innovation, Bulley & Andrews.
After switching to Jones and integrating with Procore, their process became streamlined, improving compliance efficiency.
Integrating subcontractor compliance software with Procore allows you to collect insurance documents, audit compliance, resolve coverage gaps, and report compliance rates across projects from the same platform.
Collaborate with several departments
Compliance-related functionalities for construction are different from other industries like real estate. More processes are involved, hence the need to collaborate with multiple departments.
Technically, the tool should merge departments like accounting, project management, tech/IT team, and compliance/risk/safety.
The cycle might look like this:
The compliance/risk department will use the software to collect and verify subcontractor insurance docs.
The project managers/GC will check if the subcontractor is authorized to come on-site. Finally, the accounting department will use it to verify if a subcontractor is compliant before issuing payment.
3 top subcontractor compliance management software tools
In this next section, we’ll discuss three of the best subcontractor compliance tools on the market.
We’ve made sure our reviews are honest and unbiased so that you can choose the best option that meets your construction company’s needs.
Jones: fastest option with more Procore integration capabilities
Jones is our tool, but as promised, we aren’t here to promote ourselves. Again, the goal of this guide is to help you pick the best tool for your situation.
Let’s get started:
Jones has three goals for your construction company:
—Cut your liability exposure
—Increase visibility and manage project risks
—Cut staffing costs and free up resources
Our tool does have numerous features to meet these goals. One of our key features is the COI automation workflow.
This allows you to collect COIs from subcontractors, audit, and send automated follow-up messages to subcontractors who aren’t compliant.
As a result, you can mitigate risks and speed up your projects by getting subcontractors compliant and quick to work.
Secondly, the next most popular feature is the ability to integrate Jones with Procore.
This is handy for large construction firms that want to manage compliance for subcontractors within their Procore accounts and not need to switch between many different tabs. Most of the compliance workflow can be done directly within Procore.
The integration enables them to do the following actions directly within Procore:
— Send COI requests to subcontractors
— Upload and view subcontractor insurance documents
— Add new requirements to a project
All the other subcontractor compliance management software tools reviewed in this list can integrate with Procore, but Jones has more capabilities that give it the upper hand.
For example, Jones records the fastest COI audit times on Procore. It only takes an average of five hours to review a COI (and no more than an additional three to four hours around the busy renewal periods).
The other tools take much longer, sometimes up to 48 hours to review COIs, and many days during busy renewal periods.
In addition, Jones is the only subcontractor compliance management tool that stores subcontractor COI contact details within Procore.
You can reach out to the best COI point of contact quickly when you need to contact them.
Check more of these details in our Procore partners comparison guide.
Advantages of Jones
Ease of use
Jones is easy for both parties: All teams in construction companies and subcontractors.
Subcontractors don’t need logins. They can quickly log in themselves or loop in their insurance broker to handle it for them.
And it’s much more straightforward when integrated with Procore. As a construction company, you can request COIs in a few clicks.
As said earlier, most subcontractor compliance management tools can integrate with Procore.
However, Jones is the only solution that has a bi-directional and embedded integration, allowing you to perform core compliance tasks within Procore’s workflows.
Real-time compliance reports
Jones can provide insightful reports and analytics of all subcontractors you may be dealing with at any time during the construction project.
This is especially handy for departments like accounting as they can quickly view compliant subcontractors, pay them, and withhold payments for non-compliant subs.
Disadvantages of Jones
It’s limited to insurance documents and compliance
Jones doesn’t audit other things like OSHA documents or legal letters for public municipalities.
If Jones checks all the boxes for your subcontractor compliance, book a demo and see how Jones transform your subcontractor COI management.
myCOI – streamlined process and in-depth reporting
myCOI is a COI management software that works for multiple industries.
That means it’s not purely optimized for the construction industry. However, its subcontractor compliance management solution has a few desirable features that still work well for construction companies.
To begin with, myCOI has a streamlined operating process to take much of the compliance work off your hands.
You simply need to set it up and link your subcontractor to your project. The system takes it from there and will automate the collection and review of subcontractor COIs.
It also pulls in myCOI’s insurance team to ensure each document is carefully reviewed and compliant.
Plus, they have a follow-up process that goes beyond the subcontractor. myCOI does quarterly proactive outreach to brokers to confirm subcontractors are still paying for their coverage.
Advantages of myCOI
Centralized data reporting
Because myCOI is a cloud-based system, it stores all the data in a single location, ensuring compliance and the overall process are the same.
This means project managers and team members in multiple locations can access the same platform and see their company’s overall subcontractor compliance statuses.
Insurance certificate team
Most myCOI users appreciate that they can set up projects and then give someone else the work of verifying the required insurance.
The best part is that the myCOI certificate team are insurance experts who can ensure that contractual obligations are met.
Disadvantages of myCOI
Limited scope of integrations
myCOI doesn’t have enough features within their integrations. For example, myCOI integrates with Procore, but the integration lacks many important functionalities (like the ability to send a COI request to a subcontractor within Procore).
Usernames and logins required
Subcontractors must create logins and usernames to submit their COIs.
This creates a huge barrier to entry and reliance on subcontractors just to get onboarded, leading to a lengthy implementation process.
Lack of branded emails
myCOI doesn’t send branded emails when following up on COIs from subcontractors. This can lead to low collection rates, pushing project completion past the deadline.
#3 TrustLayer – subcontractor compliance management tool using Artificial Intelligence
TrustLayer is an AI-powered subcontractor compliance management software.
Its goal is to digitalize the highly manual paper-based process of verifying subcontractor insurance.
TrustLayer has adopted a unique model so construction companies and subcontractors can save time.
They most frequently sell the tool to brokers, who then offer the service to subcontractors. So the brokers submit COIs to the platform on behalf of their clients (subcontractors).
Once that’s done, their AI takes it from there by automatically checking key data certificate points. These include policy limits, dates, and waiver of subrogation endorsements.
However, TrustLayer doesn’t automatically approve a subcontractor’s COI if it’s valid. It leaves that task to you or the broker. This model doesn’t fit busy construction companies that need end-to-end compliance management software.
But in their defense, TrustLayer says this helps strengthen the subcontractor-client relationship.
It will also send follow-up emails to the subcontractors (or their brokers) to renew their insurance promptly.
And if you encounter any troublesome insurance language, TrustLayer allows you to collaborate with their insurance expert team for help.
Advantages of TrustLayer
Pricing is based on the number of subcontractors
TrustLayer doesn’t charge you based on the number of COIs processes.
This saves time and money since you won’t have to pay for each new COI you receive from the same subcontractor.
TrustLayer can be integrated with numerous tools, such as Procore for construction management and QuickBooks for accounting purposes.
Disadvantages of TrustLayer
Inability to extract requirements
While TrustLayer uses AI to review subcontractor compliance docs, we’ve heard of cases where they couldn’t handle extracting insurance requirements from documents, only standard insurance requirements.
While TrustLayer tries to sell directly to GCs, they are industry agnostic.
Their product is not focused solely on construction and may have some limitations that don’t resolve industry-specific needs. They also target real estate companies and franchisors that have to track insurance information.
Getting the best subcontractor compliance management software depends on your needs.
That being said, all of these tools have unique options that might resonate with your current situation.
— Choose myCOI if you want to migrate from old and ineffective tools like spreadsheets to cloud-based software that streamlines your subcontractor compliance management.
— TrustLayer fits insurance brokers themselves.
— Jones fits large construction companies that use Procore as their construction management tool and want the perfect compliance tool to integrate with.
This, in turn, streamlines their overall compliance process and strengthens relationships with subs.
Plus, Jones is faster in auditing COIs, ensuring subs start projects and get paid quickly.
Ready to take us out for a test drive?
Book a demo today to improve your COI management process.