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Benchmark Report on Third-Party Insurance Coverage

What You’ll Uncover in Our Report:

  • Overall Retail Risk Levels
  • Top Reasons for Non-Compliance
  • Product Category Insights
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31%

Of members never responded to the company’s request for proof of insurance

16%

Of members were granted exceptions to the company’s own guidelines

12%

Of members had been previously deemed compliant, but no longer met requirements

Image of the 2024 Benchmark Report

Why Is This Report a Must-Have for Your Business?

  • 🚀 Discover the Insights that Matter: Our report delves deep into the challenges faced by enterprises when verifying third-party insurance coverage. We shine a light on the specific coverage types and industries, unraveling the financial implications involved. It’s time to arm yourself with knowledge and take proactive measures to protect your business.
  • 🎯 Why Insurance Compliance Matters: Ensuring that your third-party partners have the right insurance coverage is non-negotiable. Our report emphasizes the critical need to verify coverage, allowing organizations to minimize their risk exposure. Whether it’s franchisees, vendors, suppliers, tenants, or sub-contractors compliance is the key to a secure business ecosystem.
  • 🕵️ Uncovering Credentialing Program Gaps: Our ongoing research exposes the inadequacies of many credentialing programs, leaving organizations exposed to significant risks. We understand the frustration of investing time and effort in verification, only to be let down by poor-performing programs. It’s time to uncover the gaps and fortify your business against potential liabilities.
  • 📊 Non-Compliance Statistics at a Glance: OGet a snapshot of non-compliance with statistics that reveal the challenges and complexities in achieving and maintaining compliance among insured individuals. From members who never respond to requests to those unwilling to meet requirements – we lay it all out for you.

The Reviews Are In:

“Knowing the risk level of retail vendors is fundamental for risk managers to make informed decisions that protect the organization’s financial stability, reputation, and compliance with safety and legal standards”

Devon Wijesinghe, President at EvidentID

The Retail Benchmark Report has been a game-changer for our business. With its comprehensive assessment of risks by category, we now have a clearer understanding of potential pitfalls in our strategy. The report helped us identify specific risks associated with our product categories and implement targeted measures to mitigate them.”

Risk Manager at Hardware Retailer

“As a risk manager in the retail space, staying compliant with ever-evolving regulations and standards is a constant challenge. The Retail Benchmark Report was a revelation. It not only highlighted the top reasons for non-compliance but also provided insights on how to ensure adherence. Armed with this knowledge, we’ve been able to streamline our compliance processes, reducing the risk of regulatory fines and legal issues. It’s become an indispensable tool in our compliance toolkit.”

Compliance Manager at GreenMart

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