When we talk about Instagram account verification you have to have in mind that it is a way that it will make your account the official profile of your business or your brand, but how much it really does for your work, it is not all about verification.
Instagram has help page where you can find all the thing you need to know about various topics that can interest you or you have a problem with. It is easy to use and if you follow instructions, you will get your work was done or your questions answered.
However, if we are talking about verification of an account on Instagram, it is not so easy. The only accounts that can be verified on Instagram belong to celebrities, public figures or some world knew brands.
These accounts get verification because Instagram does not really want to deal with a highly possible impersonation of this accounts. Of course, if they do have to deal with issues like this, they have established a process in place trough anyone can report impersonation.
Verified Instagram accounts have the Instagram badge. This makes it easier for Instagram to make a difference between verified accounts and the fake ones that share the same name or is impersonating verified account in any way. Also, this impersonates account will be easier to detect because they have half the followers of the real ones.
The Instagram badge does not really give the owner any special benefits or powers. Also, you will have no access to something special or be more secure. You will not have any extra tools that will prevent your account of hacking, any more than it does to any other regular profile. If someone wants to hack your account and he is good at that, it will make no difference if your account is verified or not.
In any case, unless you are a celebrity or some well known public figure, Instagram will not give you a chance to verify your account. There is no other condition or criteria that will allow you to request a verified badge.
Instagram started verification process in December 2014. and it seams like there were some problems at the beginning, so it was more like a pilot program than a public access one. The problems they run int were legal issues regarding celebrities whose accounts they wanted to verify. Word is that celebrities did not want to submit legal documentation on their identities, so some of the big stars do not have their account verification even now.
It seems like verifying Instagram is possible, but not an easy process, and it does not get you any benefits but the one that you have an Instagram blue badge on your profile.
As verification on Facebook and Twitter is not so complicated, it can be helpful if you link from your accounts or pages there to your official Instagram account. So it is not like real Instagram verification, but we can say it is a kind of modified verification that may help Instagram verification in the future.