If you own a business, the shaky economy may have cost you some sleep over the past few years. Shopping for business insurance need not add to your insomnia, however. Making smart moves can save you money while covering your business in the process.

Insurance for your company is often required by law, depending on the state you live in. Most businesses need everything from liability coverage to property insurance to worker’s compensation.

One way to save money on business insurance (as it is with other types of insurance) is to raise your deductible. A deductible is the amount a business must pay before the insurer will make payments on a claim. Raising the deductible, however, means you will pay more out of your own pocket should you have to file a claim.

Coverage for property loss should include basic perils, such as fire and theft. If you own your property, you need to cover everything, including leased equipment, if the risk of its loss might fall on you. Make sure you get replacement cost coverage, so you can get the settlement you need after making a claim.

Liability insurance is a key component. Similar to homeowner’s insurance, this covers you for any injury suffered by customers, clients or employees that happens on your property. It also covers damage or injuries caused by your employees at a client’s or customer’s location. If you rent the property where your business is located, you need tenant’s liability insurance.

After you have purchased a policy, reassess it periodically to see whether your needs have evolved. Some changes that might call for raising your insurance coverage include adding employees, expanding your operation, increasing your inventory or materials or purchasing major equipment such as tools or vehicles.

If you are in a seasonal business, such as in a vacation resort, shop for a policy that will allow seasonal adjustments or coverage. Why spend money insuring your business in the off season when you can use the savings to invest in business growth?