When running your own business, keep your personal funds separate from your business funds. Open a separate bank account for your business. Any payments made to you by the business should be made as a check written on the business account and deposited to your personal account, just like an employer was paying you. Never take cash out of the business account for personal expenses. As a small business owner, you will want to insure yourself and your assets. You may be required to carry liability insurance to protect yourself in the event of injury to a client or customer. Some professionals, such as insurance agents, must carry valid “errors and omissions” insurance to protect against claims from their clients. A variety of insurance exists to protect all aspects of any business type. Insurance protection is a necessity for building structures, employees and customers that visit a business establishment in person.