As the year comes to a close, you may be spending time reflecting on the last year and celebrating all that you have accomplished. Or perhaps you are busy setting resolutions and looking forward to new beginnings. Either way, the end of the year is an ideal time to reassess your insurance needs. Any financial changes made this year or anticipated for the next year could impact your coverage. Your South Carolina Federal Insurance Solutions advisor is here help you:

Understand policy changes

Reviewing your coverage allows you to stay up-to-date with any adjustments that might affect your coverage, deductibles, or premiums. 

Account for life events

Did you experience any major life events, such as getting married or having children? Did you complete a big home renovation or purchase a new car for yourself or someone in your household? If you answered “yes” to any of these questions, you may need to adjust your home or auto insurance policies. 

Identify coverage gaps

Over time, your insurance needs will likely change. By reviewing your policies on a regular basis, you can identify any areas where you may need to add or adjust coverage. For example, you may have insured your home for $200,000 when you first bought it. Due to recent inflation and supply chain issues, your home may cost $300,000 to rebuild. That is a $100,000 gap in coverage, which could leave you without the proper resources to rebuild in the event of a loss.

Experience peace of mind

Enter the new year with confidence, knowing that you have reviewed and updated your insurance coverage to financially protect your changing circumstances. Our team of experienced advisors at Insurance Solutions is here to help. Contact us today to schedule your complimentary insurance review.

Business insurance, also known as commercial insurance, protects your company from financial losses caused by unexpected events such as property damage, worker injury, data breaches, and more. Commercial insurance policies are different from personal insurance policies because they protect a business, not an individual. Whether you are just starting out or have been in operation for some time, having the right insurance coverage can help you sustain your business for years to come.  

Does my business need insurance?

Commercial insurance is not legally required for all businesses. However, certain types of coverage may be mandatory depending on specific industry and state regulations. In South Carolina, businesses with four or more employees are required to carry workers’ compensation insurance to cover medical bills for work-related injuries. In addition, all business-owned vehicles in South Carolina must be covered by commercial auto insurance. Regardless of legal requirements, business owners should strongly consider investing in commercial insurance to minimize personal liability in the event of a loss.   

For example, if you run a home-based business, your homeowners insurance policy alone may not offer adequate protection. Business assets such as equipment or product inventory may not be covered in an unexpected loss, and if someone injures themselves during a business-related visit to your home, you could be liable for their medical bills. Without the right coverage in place, you may have to pay out of pocket for these types of claims, which is not sustainable for many business owners.

What are my coverage options?  

Every business has different needs and faces unique risks, which is why there are several types of commercial insurance policies to consider.

• Commercial general liability insurance can help cover the cost of any accidental damages as a result of the business’ operations. If a visitor is injured at your business or one of your employees damages someone else’s property, general liability coverage may help pay for the injured party’s medical expenses or property repairs. It may also help pay for legal costs if you are taken to court over an accident that occurred at your business.

• Commercial property insurance protects your business’ physical location and other business property like tools, equipment, inventory, and furniture.  In general, commercial property insurance does not protect against damage from floods and earthquakes. If your area is at risk for these events, you may want to consider adding on a separate policy.

• Commercial auto insurance protects you and your employees on the road while using company-owned vehicles. It can help cover the cost of property damage and medical expenses following an accident.

• Cyber liability insurance can protect your business from risks associated with a data breach if confidential information gets lost or stolen. Cyber insurance can help cover costs to notify impacted individuals and even offer credit monitoring services.

How do I know what type of coverage I need?

The type of commercial insurance you need can depend on several factors including your business’s size, location, and industry. Working with an insurance advisor can help you determine your exposure to risk and identify policies that meet the unique needs of your business. Whether you are starting a new venture or simply want to reevaluate your options, rely on South Carolina Federal Insurance Solutions for customized commercial insurance coverage.

When it comes to protecting your property against the elements, preparation is key. As temperatures drop, it is important to take precautions against seasonal risks. Even with comprehensive coverage, damage to your home or vehicle can lead to costly insurance claims that raise your overall premiums. The most cost-effective way to combat cold weather damage is to reduce your exposure to risk. Learn how proper maintenance can help you avoid the most common winter insurance claims.

Frozen pipes

As temperatures drop, water may freeze inside the pipes within your home. Not only can frozen pipes prevent water from flowing properly, but they can burst and cause significant damage. When the forecast predicts freezing temperatures, make sure your home is heated to at least 65 degrees and let water drip from your faucets to prevent a potential plumbing disaster. If you plan on being away from your home for an extended period during the winter months, remember to shut off your water and drain your pipes.

Falling trees

The trees on and around your property can become a hazard to you, your home, your car, and others with the onset of winter weather. Snow, wind, or ice can cause a tree that is structurally weak to fall and damage the surrounding area. Falling trees may also come into contact with power lines, which can result in entire neighborhoods losing electricity during the coldest time of the year. Keeping trees trimmed and removing dead branches from your yard can reduce the risk of damage.  

House fires

According to the National Fire Protection Association, house fires become more common in the winter months. This is because as temperatures drop and we experience fewer hours of sunlight, more people spend time indoors and increase their use of heat and electricity. At the start of the season, make sure all heating equipment is in working order and have your chimney cleaned and inspected by a qualified professional. Keep flammable materials at least three feet away from all sources of heat including holiday lights and turn off electronics when not in use.  

Auto repairs

Winter conditions can take a toll on your vehicle, so it is important to keep up with seasonal car maintenance and stay vigilant while driving. Cold weather impacts your car’s ability to start the engine, so make sure your battery is healthy and not cracked or corroded. It is also important to check that your tires are inflated properly, as low temperatures can cause air pressure in your tires to drop and reduce the traction of your vehicle on icy roads. Additionally, the heater and defroster must be in good working condition for passenger comfort, driver visibility, and pedestrian safety.

Even when you exercise caution and take steps to prepare your property for winter weather, accidents can still happen. An annual review with your South Carolina Federal Insurance Solutions advisor can help you determine if you have enough coverage to protect your home and vehicle in the event of an emergency. Contact us today to review your coverage so you can enjoy the holiday season with peace of mind.