Everyone hates to pay for insurance, but the reality is that you simply can’t afford not to have it. However, did you know that a comprehensive business continuity plan could actually help you score a more affordable deal on your insurance premiums? Insurers want to see that a company is taking measures to mitigate risk, as it reduces the chances that they’ll have to pay out in the event of an emergency. Therefore, the better protected a company is against risk, the better commercial prospect it is for an insurance company.
A 2012 survey conducted by the British Insurance Brokers’ Association (BIBA) and the UK Cabinet Office found that 8 out of 10 insurance officers would be willing to provide a premium reduction to companies with a business continuity plan in place. The bottom line is that a comprehensive business continuity plan clearly demonstrates to your insurance provider that you’re committed to managing risks, and it very likely could decrease your premiums.