What To Think About When Starting Your Small Business
- Menicucci Insurance
- May 5
- 3 min read
Every great business starts with an idea that's put into motion, and as your business grows so do the risks.
With over 33 million small businesses in the U.S., you’re not alone in navigating the ups and downs of entrepreneurship. But here’s an important question: if something unexpected happened tomorrow, would your business—and everything you’ve worked so hard for—be protected?
You might feel like you’ve covered your bases, but many business owners discover gaps in their protection when it’s too late. That’s why taking a little time to review and adjust your plans regularly can go a long way toward keeping your business secure and resilient.
Check in on Your Business Structure
Maybe you started out as a sole proprietor—it was simple, fast, and got you up and running. But as your business grows, it’s worth asking yourself: does this structure still serve you?
Whether it’s a limited liability company (LLC), partnership, or corporation, your business structure shapes everything from your tax situation to how much of your personal assets are at risk. Taking time to talk with a legal or financial advisor can help you explore options and find a setup that better reflects where your business is now—and where you want it to go.
Protect What Matters Most: Your Personal Assets
You’ve poured your energy—and probably some personal funds—into your business. But have you set clear boundaries between your personal and professional finances?
Simple steps like keeping separate bank accounts, or exploring trusts and shared asset strategies with a financial advisor, can help protect your family’s future. None of us want to imagine a lawsuit or business setback, but planning for the “what-ifs” helps you sleep better at night.
Stay on Top of Your Credit
In many cases, your personal credit and business credit are more connected than you think. If you ever need a loan or line of credit, lenders may look at your personal credit history—especially early on.
Choosing the right business entity can help keep some liabilities off your personal record. Still, even with the best setup, some business loans or credit cards might require a personal guarantee. That’s why understanding your credit picture—and how it fits into your business plan—is so important.
Don’t Overlook a Business Owners Policy (BOP)
Insurance isn’t just paperwork—it’s peace of mind. A Business Owners Policy can be a smart, affordable way to bundle essential protections into one package:
Property insurance for your space, tools, and inventory
General liability to cover things like injuries or property damage
Business income insurance to help you stay afloat if something forces you to pause operations
It’s a great conversation to have with your expert agent—they’ll help you customize a policy that fits your needs and budget.
Think Beyond Traditional Professions for Liability Insurance
Professional liability insurance isn’t just for doctors and lawyers anymore. If you offer services based on your expertise—like a hairstylist or wedding planner—you could be exposed to claims of negligence or errors.
If you’re expanding into a new service or industry, talk with your insurance agent to make sure your coverage grows with you.
Be Ready for the Unexpected
We all hope disasters stay far away from our businesses, but being prepared can make all the difference. A fire, flood, or other disruptive
event can bring operations to a halt—and that’s where business interruption insurance steps in.
This type of coverage helps you handle expenses and recover lost income so you can bounce back quickly. But remember, it usually only covers certain events—so be sure to ask your agent about adding options like flood or sewer backup protection, too.
Let’s Make Sure You’re Covered
You’ve invested so much time, energy, and effort into your business. Keeping it protected doesn’t have to be overwhelming—and you don’t have to figure it all out alone. If you need help understanding your business's risks, reach out to our expert team at 505.883.3683 or visit mianm.com/contact
Comentários