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How Small Businesses Can Find Safety Before the Next Bank Crisis

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However, there are some nuances.

Business accounts are insured separately from personal accounts. This means that one depositor can be insured both as an individual and as a business. For example, Wart is covered up to $250,000 in Ratched Mom accounts and up to $250,000 in personal accounts.

Plus, if you have a joint checking account with your spouse, each of you will be covered for a total of $500,000. For example, if she keeps $300,000 in a joint account and $100,000 each in a savings account, the entire $500,000 is insured.

However, having multiple signatories on your business account does not increase your insurance coverage. The best thing to do, says Laney, is to talk to your banker.

Diversifying your holdings is always a good idea. The FDIC insures each depositor at each financial institution, so diversifying your assets provides more coverage. Having a second bank relationship also makes it easier to transfer funds quickly to a safe location if you’re worried about bank instability.

“Always have a backup strategy. Hope is not a strategy,” said Jenni Mayorskaya, founder of Stork Club, which creates reproductive health benefit packages that companies can offer to their employees.

She has raised over $30 million from investors and was advised to keep the money in Silicon Valley Bank. But when she started hearing whispers that the bank might go bust, she opened an account elsewhere.

“I grew up in Russia in the 1990s and all we saw was that every five years there was a bankruptcy,” she said. “I see that your company always has a diversification strategy.”

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