Risk management, accreditation, and insurance all go hand in hand. Did you know that ISO certification can lower insurance rates and, in some cases, may be the only way to acquire a quote? Yet why?
Risks determine everything!
It would be best if you had insurance to safeguard against the common dangers of operating your business, such as professional errors, accidents, theft, damage, and legal action. ISO certification lowers your company’s overall risk by ensuring that these risks are recognized and assisting you in putting strategies in place to recover from any inevitable catastrophes quickly. The ISO certification in Qatar explains that the ISO certification procedure is evidence to insurance providers that they have evaluated these risks and taken the appropriate steps to reduce them.
How does Risk Management benefit from the major ISO certifications and accreditation?
Each ISO standard will help organizations benefit from reduced insurance premiums by reducing risks and assisting with risk management, such as:
The ISO 9001 Quality Management standard guarantees that you consider every factor that could impact the quality of your goods or services, including supplier, raw material, resource, legal, and logistical concerns. With Quality Management System in place, the company has set a standard for operation and process management.
ISO 27001 Information Security:
The information security dangers that can regularly harm your company are viewed holistically by ISO 27001 Information Security. It considers the hazards by systems, external causes, and people and processes. A company can have security ensured against such breaches and loss of data.
ISO 22301 Business Continuity:
By reducing the risks associated with disruptions and ensuring adequate risk assessment regularly, ISO 22301 Business Continuity guarantees that control is always maintained. This allows businesses to have control plans and execute as per risk management.
ISO 14001 Environmental Management:
As the environment presents serious difficulties for the business, ISO 14001 Environmental Management analyses its hazards. Your company is safeguarded because ISO 14001 guarantees are identifying such risks and adopting mitigation measures.
The occupational health and safety standard ISO 45001 enables you to foresee, manage, and comply with legal requirements. Doing this lowers your risk of legal action, increases output, and inspires consumer confidence.
The ISO certification can lower your insurance premiums in addition to increasing tender success, internal efficiency, cost savings, and customer and staff satisfaction. The insurance market is becoming more severe; therefore, now is the optimum period to become certified!
The last word on advice
Once you receive the applied ISO certification, be sure to let your broker know. Remember that while ISO certification will lower hazards, it cannot remove them. Therefore, making sure your insurance is customized to your needs is crucial.