I've concluded that it isn't practical or reasonable to protect all of the business assets from claims that arise within the business. The second form of risk arises from claims coming from outside the business rather than from within the business. This is much less likely unless you have more than one type of business. If you have invested some of your money in rental property, that could become the source of a claim. For example, the owner of a retail business also owns an apartment building.
Someone is injured by an automobile owned by an employee of the retail business.
The employee doesn't have any money or insurance and the accident occurred while going to or from work. The plaintiff sues the retailer and may win a judgment far in excess of the insurance and the assets of the business. The judgment will usually give the plaintiff the right to take any other property of the owner - including his apartment building and any personal assets. In most cases, any jointly owned property can also be taken. Thus, if the building owner is a joint owner of savings accounts and securities with a parent, the parents' assets could be taken.