Saving Tips for Business Insurance? 29
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."
Re:Ask Slashdot? (Score:2, Insightful)
I don't know, but... (Score:4, Informative)
Re:I don't know, but... (Score:4, Insightful)
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.
Re:I don't know, but... (Score:5, Insightful)
Re:I don't know, but... (Score:2, Interesting)
Simple answer: anything you can do to make your business safer (in any way) will save money.
Some examples:C
Re:I don't know, but... (Score:2)
another idiotic statement (Score:2)
Some of the highest paid careers are sales, and almost 80% of CEOs come from Sales.
Not that they're a particularly noble breed of people, but they do make teh lootz.
Re:I don't know, but... (Score:2)
Spoken like someone who has absolutely no idea of just how much of his first-year premium goes to commissions. And also has absolutely no idea of the power of residuals.
-h-
Nick Burns, your company's actuary... (Score:1)
I wouldn't want to belittle the amount of study put into preparing for your actuarial exam. I also wouldn't want to put down the experience that other insurance professionals my have. It very possible that an insurance agent might be able to find a way for the insured to get lower rates by making contract changes, moving coverage, or some other change.
Also, how likely is it that an actuary is going to be the one helping an end user with their insurance cost issues? It would be lik
Microsoft Free Zone (Score:2, Funny)
Mod me up, I've slammed Microsoft
The way things are going... (Score:3, Insightful)
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.
Re:The way things are going... (Score:2)
Wow - that sounds like a good security feature to implement on the network!
-zero- (Score:1)
YMMV, but... (Score:3, Funny)
Re:YMMV, but... (Score:2)
Can't get insurance without some items in place... (Score:1)
We are required to prove we keep regular off-site backups, take laptops home at night etc along with the requirement to have a monitored alarm on the premises to even get the insurance in the first place.
I haven't heard of getting discounts for further efforts...
Some Title! (Score:1)
Saving Tips for Business Insurance?
I suppose that's ONE way to do it... Still, I doubt you'll collect enough tips at your receptionist's desk to pay the whole insurance bill. :>
from an insurance agent (Score:2)
For a smaller business, the audit's cost in time and resources is not likely to be worth it. It's cheaper from the insurance company's perspective to just take all the losses, divide by the number of policies, multiply by their profit margin, and that's the price. For a larger business, where the answer to the question "how secure is this company, really," the correct answer might save enough money in the long run, both for you and the insurance company, to be worth it
Re:from an insurance agent (Score:2)
FWIW, I tried Hartford last month and they said they weren't writing for small businesses anymore.