The 2022 State of Third-Party
Insurance Verification Report

Verifying and improving third-party insurance coverage is increasingly important to mitigate risk.

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Download our free report to learn more about the current state of third-party insurance verification, including:

Basic principles to improve third-party insurance verification

Benchmarks for compliance, response rates, coverage

Step-by-step guide to achieving better COI verification

Our research shows that performance and process for verifying third-party insurance coverage varies greatly.

While the range is wide and some companies are achieving substantially higher rates, the average compliance rate for third parties across all requirements is 25%.

  • 75% of third-party vendors do not meet the insurance requirements established by the companies that hire them
  • 23% (or 1 in 5) of third-party vendors do not respond at all to companies’ requests for proof of insurance
  • At least 1 in 10 third-party vendors falls out of compliance without notifying the verifying company

Current vendor insurance practices are failing despite significant expense and effort, putting companies at risk for losses and liability in case of a lawsuit against a third party. Without verifying third-party insurance, businesses of all sizes – and more often the enterprises with “deep pockets” – can be exposed to immense legal fees regardless of the claim’s merits.