I think it's time for me to try out another music player.
I'm not sure what the music player has to do with it.
If you don't want to keep a full drive image backup, which of course would protect ALL your applications, then just install the Portable version of MusicBee to a folder outside of the Windows hierarchy, like C:\MusicBee, and keep a backup copy of just that whole folder. In it are your playlists, ratings, settings, the whole enchilada.
(hiccup beat me to it, but kept for the example of using a Portable install)