In an article in the Winter Edition 2010 of the Disaster Recovery Journal Eric Pitcher presents his case for recognizing the many benefits of developing a business continuity plan. He opens the article with a description of the marketing advantage achieved by property owners who have adopted meaningful plans, Next he makes recommendations concerning the potential cost savings available through the creation and maintenance of disaster plans. He argument is detailed below:
Save costs through insurance reduction
Corporate insurance is expensive and getting more so every year. Leveraging the business continuity plan, as well as its owner’s knowledge of the environmental and business related risks, can help the company reduce the cost of insurance directly enhancing the company’s bottom line. How do you get started?
Talk to the corporate treasury department and have them present a sanitized version of your business continuity plan to the insurance company.
Give special attention to the frequency of tests and the results, as well as any research that was produced regarding the likelihood of each risk.
Simply having an
up-to-date business continuity plan may qualify the
company for
discounts and can be used in cost negotiations.
Profiting from a Business Continuity Plan