Five Types of Business Liabilities

Posted on August 30, 2024August 30, 2024 by admin

To be successful, business owners must be aware of the risks their company faces in its operation, products, or services. South Carolina Federal Insurance Solutions, with offices conveniently located in Charleston, Columbia, Seneca, and Greenville, wants to help business owners identify and figure out smart ways to reduce these risks. Here are five types of liabilities business owners need to understand and protect against to promote long-term growth and success.

Property Liability

A major concern for businesses is the responsibility for injuries or damages at the place of business. You’ve invested a lot into the property so it’s important to develop safety protocols to mitigate these risks. Also, having robust property liability insurance in place will create a financial safety net to cover legal and medical costs arising from accidents on the property and damages to it.

General Liability

Fundamental to business protection is general liability insurance. It helps cover claims that your business caused bodily injuries or damage to another person’s property. This coverage can help pay for legal fees, medical expenses, and damages that may occur during normal business operations. In addition to keeping proper insurance in place, maintaining safe premises, training employees on safety protocols, can reduce workplace risk too.

Cyber Liability

If your business collects or stores customer or supplier data and financial information, it may be vulnerable to cyber liability risk. Cyber insurance can help protect against the financial consequences of a data breach and any business disruption caused by computer hackers and viruses. Our experienced advisors can explain the various coverages available and how each will respond in the event of an attack.

Professional Liability

Professional liability or errors and omissions insurance helps protect service providers against claims of negligence, misrepresentation, violation of good faith, and inaccurate advice. It can help pay defense costs, attorney fees, judgments, and settlements. Implementing quality control measures, ongoing education and industry training, and good record-keeping are strategies to reduces these risks.

Workers’ Compensation

Employers in South Carolina with at least four employees are required by law to have workers’ compensation insurance. (Did you know that part-time workers and family members are counted as employees?) While the regulations vary by state, this coverage is required in most states. It gives employees medical, wage, and other financial benefits if they are injured or become ill on the job.

If you’d like to learn more, please get in touch with our advisors at Insurance Solutions by calling toll-free at (833) 359-0725. We have solutions for your business!

Preparing for the Peak of Hurricane Season

Posted on August 13, 2024August 13, 2024 by Robin Easterlin

When you live in an area prone to severe weather, having a comprehensive emergency plan is essential. As the peak of the 2024 Atlantic hurricane season approaches, familiarize yourself with the steps you can take to protect your family before, during, and after a storm.

Before a Hurricane:

Hurricanes can be dangerous and unpredictable, and you may need to react quickly once one is projected in your area. Make sure you and your family have an evacuation plan, including where you will go and how you will get there. Sign up for emergency alerts and monitor local weather and news to ensure you get the latest updates as quickly as possible. You may lose power during the storm, so make sure you have a power bank to charge your phone or battery-powered radio to continue receiving updates.

Take the time to gather emergency supplies, including food, water, and medicine. The American Red Cross recommends having at least three days of supplies in an emergency Go-Kit and two weeks of supplies in an emergency Stay-at-Home kit. Collect and safeguard important financial, legal, and medical records along with copies of insurance policies and a household inventory. Visit our Client Center to view your policies, print insurance ID cards, download important documents, and more.

During a Hurricane:

If local officials advise you to evacuate, grab your Go-Kit and listen carefully to instructions. Follow posted evacuation routes, even if there is traffic, as other routes may be blocked or flooded. Remember to never walk, drive, or swim through floodwater. If you have pets, take them with you to prevent them becoming lost or injured.

After a Hurricane:

After a hurricane, check local news stations for the latest updates. If you evacuated, return home only once officials say it is safe to do so. Assess potential damage to the outside of your home and check for loose power lines, gas leaks, and structural damage. Do not enter your home if it is flooded as unseen power lines can electrically charge the water. Use a flashlight when examining the inside of your home to reduce risk of fire and be aware of carbon monoxide. If your home lost power but you are not sure when, it is best to dispose of all refrigerated food and ask your healthcare provider about refrigerated medications.

In the event that your property sustains damage, it is important to reach out to your insurance carrier as soon as possible and before authorizing any repairs. Take pictures to record the damage if it is safe to do so and visit our website to file a claim online. Remember, South Carolina Federal Insurance Solutions advisors are here to answer questions about your homeowners insurance policy and how you can protect your property during hurricane season. Contact us to get more information or compare your policy against other top-rated carriers.

Auto Insurance Premiums on the Rise

Posted on August 13, 2024August 13, 2024 by Robin Easterlin

If you have seen an increase in the price of your auto insurance despite having no changes to your driving record, you are certainly not alone. The cost of car insurance is rising nationwide, and rates in South Carolina generally exceed the national average. As household budgets continue to tighten due to inflation, drivers are left wondering why their auto insurance rates are rising and what they can do to lower them.

What is driving up auto insurance rates?

In general, the rising cost of auto insurance can be attributed to the fact that insurers are facing higher payouts for claims. In recent years, vehicle repairs have gotten more expensive due to new and sophisticated technology. Additionally, the frequency of collisions continues to climb despite advancements in vehicle safety. Experts cite risky behavior behind the wheel, such as cell phone usage or driving under the influence, as the primary cause of insurance claims related to accidents. As a result, insurance carriers are adjusting premiums in an effort to pass the cost of more frequent and expensive claims along to consumers.

Additionally, where you live can influence how much you will pay for your policy. For example, South Carolina experiences frequent severe weather events, such as hurricanes, and insurers must pay out a higher number of claims as a result of storm-related damage. That is why auto insurance in South Carolina tends to be more expensive than the national average. Rates can even vary by zip code, with densely populated areas typically paying higher premiums than rural communities. Cities tend to experience more accidents and higher crime rates, both of which help determine the cost of auto insurance.

Is it possible to lower my rate?

Despite rates rising across the board, you may still be able to lower your auto insurance premium. Your South Carolina Federal Insurance Solutions advisor can help you review your current policy and compare it against other available options. They can also help you find ways to save through bundling policies and identifying discounts for which you may be eligible.

If you are hoping to find additional savings, you can also consider a usage-based-insurance (UBI) program, which is intended to align the cost of your auto insurance with your actual driving habits. Many carriers offer this as an option and use a plug-in device or mobile app to track your behavior behind the wheel. This can be a good option for some, although it is possible that your premium may increase based on the results of the program. Our advisors can help you determine if a UBI with one of our carriers, such as Snapshot by Progressive, SmartRide by Nationwide, or IntelliDrive by Travelers, is a good option for you.

The advisors at South Carolina Federal Insurance Solutions are prepared to help you navigate today’s auto insurance market and find a policy that meets your needs. Contact us today to get started with a complimentary insurance review.