Why Does ISO Certification Reduce Insurance Premiums?
Did you know ISO certification can reduce insurance premiums and for some businesses, may even be the only way to get a quote? But why? It’s all down to risks!
Insurance is needed to protect you against the everyday risks that come with running your business such as professional mistakes, accidents, theft, damage and legal action. ISO certification ensures that these risks are identified and helps you put measures in place to recover quickly from any unavoidable incidents, therefore reducing your overall risk as a business. ISO certification is proof to insurance companies that you have assessed these risks and taken measures to reduce them as part of your ISO certification process.
How do the main ISO certifications reduce risk?
Each ISO standard will reduce risks in their own way such as:
- ISO 9001 Quality Management ensures you think about everything that may affect the quality of your product or service, including risks relating to suppliers, raw materials, resources, legislation and logistics.
- ISO 27001 Information Security takes a holistic view of the data security risks that can affect your business on a regular basis. It considers the risks generated by people and processes as well as by systems or external factors.
- ISO 22301 Business Continuity ensures you are properly assessing your risks on a regular basis and reduces the risks associated with disruptions, ensuring control is maintained at all times.
- ISO 14001 Environmental Management identifies the risks associated with the environment as it throws up significant challenges for the business. ISO 14001 ensures you scope out such risks and take mitigation action, meaning your business is protected.
- ISO 45001 Occupational Health and Safety helps you anticipate and control health and safety risks and comply with regulations. By doing so, it reduces your risk of litigation, improves productivity and gives your customer confidence.
Are there any other benefits to ISO certification?
In addition to reducing your insurance premiums, ISO certification can also increase your success in tenders, improve internal efficiency, reduces costs and improve satisfaction to both customers and employees. You can learn more about the benefits in these free online modules.
Interested in learning more?
With a hardening insurance market, there is no better time to get certified! If you’re interested in finding out more or would like a free no obligation quote, contact ISO Quality Services today on 0330 058 5551 or email firstname.lastname@example.org.
Final world of advice…
Once you have ISO certification, make sure your inform your broker. Remember, whilst ISO certification will reduce risks, it can’t eliminate them completely. It’s therefore important to ensure your insurance is tailored to meet your needs.