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Saving Tips for Business Insurance?
curious boss asks: "I have a question for the IT manager types out there: does anyone know how much a business can save on their annual insurance premiums by having their information security policies and procedures audited once a year? How much would an audit cost? I know those are vague questions, but if there's a rule of thumb (eg, cost per server, or cost per employee), or even pointers to getting more detailed information, that would be great."
From my experience, the simplest route for this guy is to speak with an adjuster at the company providing insurance- not a salesperson or an actuary. No doubt an actuary could give him a very detailed description of it how it all ends up, but he just wants to know what saves a couple bucks. The adjuster will have the ability to run the numbers a variety of ways to see what trims off a few dollars.
Simple answer: anything you can do to make your business safer (in any way) will save money.
Some examples:Choose a location close to a fire station, limit your exterior signage, don't sell something that a kid might choke on, try to work from a newer building, use an alarm system, keep cracks under control on the sidewalk outside your location. Odds are good that if an action reduces the chances of a fire, theft, or lawsuit, then it will be reflected in your insurance costs.