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Saving Tips for Business Insurance?

Posted by ryuzaki0 on from the things-you-can-do-to-keep-costs-down dept.

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."

8 of 29 comments (clear)

  1. I don't know, but... by Fished · · Score: 3, Informative

    I bet your insurance agent does.

    --
    "He who would learn astronomy, and other recondite arts, let him go elsewhere. " -- John Calvin, commenting on Genesis 1
    1. Re:I don't know, but... by Anonymous Coward · · Score: 4, Insightful

      That's a strange answer. Why would you make that wild-ass claim? Ever talked to an insurance agent that had a clue as to how the actuaries created the rate tables? For my actuary test, I've completed more than twenty times the amount of study that the ridiculously easy CPA test requires. To sell insurance you can be even more of a complete uneducated idiot than a CPA. Those idiots have no clue how us actuaries create the rate tables. That's why the morons that sell insurance make $20k or less per year plus commission, while an actuary that's passed all of the tests averages more than $193k per year.

      You really need to talk to someone that knows something about insurance. An insurance agent knows nearly nothing about the business. That's like asking the janitor at Microsoft for help programming. It's a completely idiotic statement.

    2. Re:I don't know, but... by Fished · · Score: 4, Insightful

      Uh huh. But the answer this guy needs could come straight of the table.

      --
      "He who would learn astronomy, and other recondite arts, let him go elsewhere. " -- John Calvin, commenting on Genesis 1
    3. Re:I don't know, but... by Miaowara_Tomokato · · Score: 2, Interesting

      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.

  2. Re:Ask Slashdot? by Anonymous Coward · · Score: 2, Insightful

    Couldn't you make this reply to just about every Ask Slashdot post? What do you think this forum is for? If we wanted to just find out some quick information we would use Google, but if we want to hear about experiences of other technical users, Ask Slashdot is a great place to find out. If you hate this idea so much, turn off the Ask section in your preferences.

  3. The way things are going... by acvh · · Score: 2, Insightful

    pretty soon you won't be able to get insurance at all without the audit.

    as for the guy and his actuary comment - look, I hate insurance salesmen, too. I know too many of them. but for a business person looking for a rate quote they are a necessary evil. you can't have people calling actuaries for information, actuaries can only communicate with other actuaries.

  4. YMMV, but... by Anonymous Coward · · Score: 3, Funny

    I hear you can save a ton of money on insurance by switching to GEICO

  5. Microsoft Free Zone by tengu1sd · · Score: 2, Funny
    If I adopt a Microsoft free zone on my network, does that give a me a discount and SOX compliance?


    Mod me up, I've slammed Microsoft