Essentials for Every New Business

DISCLAIMER: I am a CPA, but I am not your CPA. The information in this article is for informational purposes only and is not tax or legal advice, nor can be relied upon as such. The author is not liable for any losses related to actions or failure to act related to the content of this article. If you need specific tax advice consult with a CPA who specializes in your subject matter and taxing jurisdiction.

After all the legalities of forming your business have been taken care of you may be wondering what your next steps are for setting up your business. In today’s episode I will be covering the essentials for every new business. We will be discussing business insurance, bank accounts, business security, websites, and social media accounts. Find out if all these items are essential for your business or which ones are fine to skip on.

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Business Insurance – Action Steps:

  • Contact your homeowner’s or renter’s Insurance Agent to see if an add-on rider is suitable for your home business.

  • Visit with a Business Insurance Agent to see the types of insurance recommended for your home business. Types of Insurance policies can include:

*Professional Liability Insurance

*Product Liability Insurance

*Business Property Insurance

*General Liability Insurance

*Errors & Omissions Insurance

*Disability Insurance

  • Notify your Auto Insurance Agent you will be using your car for business purposes and consider if a separate auto policy would be suitable for your business.

Business Bank Account – Action Steps:

  • Register your business with the Secretary of State. Don’t know how to legally set up business in your state? Check out the Entity Selection Toolkit for step-by-step instructions on getting your business set up.

  • Apply for an EIN Number by:

*Filing Form SS-4 with the IRS


*Filing Electronically to receive your number immediately

Business Security – Action Steps:

  • Secure virus software for your computer

  • Schedule regular on and off site back-ups of your data

  • Use Encryption Software for sending sensitive data via email

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