How to Reduce Business Expenses in a Pandemic

​The ongoing coronavirus pandemic has dramatically affected the state of our economy. Many business owners are being forced to shell out a significant amount of money struggling to stay afloat. At worst, some declare bankruptcy and officially close their businesses to prevent them from being put into more debt.

Don’t cut off your insurance just yet.
Many owners even result in completely eliminating their insurance to make ends meet, leaving them and their businesses more vulnerable. But many do not realize there are many ways of lowering their company’s monthly expenses without putting your company at risk.

Office Space Costs
One thing you can do to lower the building overhead costs is to renegotiate your lease with your landlord. In a struggling economy, they would rather have a tenant pay less nothing at all. You can also talk to your insurance agent and consider putting your unused space for lease. Also, save energy costs by turning off all equipment after use and install timers on lights and air conditioning systems as needed.

Staffing Costs
You may reduce your staff hours by shifting to a four-day workweek or lowering your headcount. It will be unfortunate for some of your staff, but at least they still have something to come back to, rather than the company being bankrupt. You can also outsource temporary workers, as well as payroll, benefits, and human resources.

Marketing and Advertising Budget
Try switching efforts to advertising online, since that’s where most of your customers are now and costs only time and effort to establish your presence on social media platforms. If you have a website, make sure to put your email addresses and profile links on printed materials to have better online access. Also, consider developing an e-newsletter for your clients, rather than printing and sending them by mail.

Insurance Costs
Consider getting lower premiums for a higher deductible. A high deductible is cheaper than losing your business in case of an uninsured accident or damage. You can also inquire for monthly payment plans to spread out the expense. Take advantage of any memberships or associations you can join for possible member discounts.

Conclusion
With the ever-present risk of accidents, damages, or unfortunate events, canceling your business insurance should only be considered a last option. There are less risky ways to make ends meet for your company in a pandemic, such as those listed above. Consider the tips above as we sail past through the rough waters of this pandemic.

At Priority Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (864) 297-9744. You can also request a free quote by CLICKING HERE.