As a business owner, you look for ways to save money whether it’s in your supply budget or cutting down your operating costs. However, certain expenses, like business insurance, are vital to the success and security of your company. Without a good policy in place, you run the risk of surprise expenses wreaking havoc on your budget. Although this coverage is a necessity, the right policies can save your company money.

Business Insurance Helps You Save in Different Ways

Business insurance is an umbrella term for multiple coverage areas. Depending on the type of business you run, you’ll need different policies to fully protect your company. For example, if you use a company vehicle in the course of your business, you’ll need commercial auto insurance. If you have a physical storefront, you’ll need insurance for the property. However, no matter what type of business you have, there are a few coverage areas that will save you money in the long run.

1. General Liability Insurance 

General liability insurance protects your company and your employees from lawsuits related to accidents or damage done as a result of your work. If a client or customer files a liability suit, the policy will cover the damages, keeping your out-of-pocket costs to a minimum. Lawsuits are expensive, and costs can rack up quickly. The less you pay out-of-pocket, the better off your company is.

2. Workers’ Comp Insurance 

Workers’ compensation insurance required by law is there to protect your employees in the event of an injury. Not only does this policy cover the cost of their medical care if they’re injured on the job, but it also prevents them from suing you for reparations, provided the injury was not a result of your neglect or failure to follow safety protocols.

3. Property Insurance 

Property insurance does more than protect the physical structure—it also covers your inventory, equipment, furnishings, and even the cabinetry. Without this type of coverage, any damage to the interior of your building or loss of inventory would be your responsibility. Even after small disasters, the financial cost can be extreme, putting a significant strain on your operating budget.

At Farmers Insurance Group in Mountain Grove, MO, we know that business owners have more to worry about than the quality of their business insurance coverage. Let our team work with you to find the right policies for your needs, whether you’re operating with only a few employees or hiring your 300^th employee. Get a free quote online or call (417) 926-7900 to schedule an appointment with an experienced insurance agent.