Tips For Saving Money While Keeping Your Commercial Insurance

Commercial Insurance Frisco TXIf you are a small business owner, you are likely always trying to think of ways to keep your budget under control; you may even have considered eliminating your business’s commercial insurance to reduce expenses.  The truth is that for a small business owner, commercial insurance is a necessity, not an extravagance because it offers protection against a variety of losses that can put a small business out of business.  Instead of eliminating or reducing your business’s insurance, consider these alternative, money-saving ideas:

Lower Your Spending On Overhead

  • If you’re struggling to pay the rent on your office space, ask your landlord for a reduction in the amount you pay every month.  Your landlord would probably prefer to take a little less than to have an empty office or storefront.
  • Consider moving to an office suite or co-working space in which you can share equipment, meeting rooms and even a receptionist with other small businesses.
  • Buy used furniture and equipment to save money.  Your clients won’t know the difference and the savings to you can be dramatic, especially if you shop online for what you need.
  • Make sure you’re getting the best rate for your office phone system and internet by  comparison-shopping.  Ask providers if they can bundle services for more savings.
  • Use programmable timers for your office lights and thermostat and turn off all equipment that isn’t being used to reduce energy consumption.

Take A Look At Your Staffing

  • Reduce the number of people on your staff and/or reduce their hours.
  • Hire independent contractors or temporary workers if possible.
  • Outsource payroll, benefits and/or human resources.
  • Try shifting to a four-day work week.

Adjust Your Marketing And Advertising

  • If your business has a website, make sure all of your clients and potential clients know about it.  Put your web and email address on anything printed that your business produces, like letterheads, business cards and on print advertisements.
  • Embrace social media.  If your customers are likely to be using any type of social media, like Facebook, Twitter or Instagram, it makes sense to harness the power of those websites to spread your word – and all it generally costs you is your time.
  • Check your mailing lists regularly to remove bad leads, bad addresses and duplicate names.

Though you should never completely eliminate your commercial insurance, ask your insurance agent to help you find ways to reduce the cost of your insurance, like through group or association discounts, increasing your deductible or spreading your payments out over months instead of paying a lump sum every year. To find out more about reducing your insurance costs and to find the best insurance for your business, call us at the Anthony Blackmon Agency in Frisco, TX at (469) 291-9006 or visit us online at www.anthonyblackmonagency.com.

Commercial Insurance Frisco TX
Anthony Blackmon Insurance Agency
9191 Kyser Way, Suite 200
Frisco, Texas 75034
(469) 362-8484

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