Name: Insurance Solutions
Address: 6265 Rivers Ave, North Charleston, SC, 29406
Telephone: 833-359-0725

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.

Tips for Protecting Your Car from Weather-Related Damage and Insurance Claims

Posted on July 30, 2024July 30, 2024 by admin

In addition to our health, our vehicles are one of the most significant resources we can provide for our families. We use them to get to work or for work itself. Our automobiles symbolize something we take pride in and invest a lot in, ensuring they remain functional and safe for us and our families.

At South Carolina Federal Insurance Solutions, we understand this and aim to provide you with valuable information on safeguarding your car from weather-related damage and the need to file insurance claims.

With each claim, your auto insurance premiums may increase. Hence, you can take a few precautions to be prepared in case a weather-related disaster occurs, forcing you to navigate inclement weather situations.

Dealing With High Winds, Heavy Rainfall, and Other Forms of Precipitation

When driving during severe rainfall and strong wind gusts, you want to ensure your line of sight remains clear and your steering optimal. Therefore, routinely check your tire pressure for good traction in the rain, ice, snow, or against the winds. Make sure your windshield wipers and headlights are in good condition and functioning effectively to aid visibility during times of low visibility.

On the road, avoid buses, vans, or semi-trucks that are much taller and susceptible to tipping over. Additionally, try to evade deep puddles of water on the road wherever possible. If unavoidable, maintain a steady speed – not too fast to create a wave and lose control, but not too slow to stall your vehicle in the water.

If possible, avoid driving at night to evade black ice from an ice storm or snow re-freezing on the roadways. Also, avoid parking under trees to prevent potential damage from falling tree limbs.

Maintain sufficient fuel levels in your vehicle; don’t let your tank get low. Aim to keep it above half tank level if possible, preventing the need to navigate wet, icy, or snowy roads to reach a fuel station.

Contact Us Today!

If you have questions about protecting your car in inclement weather or need to find the right coverage to ensure your vehicle’s protection from weather-related damage, call one of our experienced insurance advisors today at (833) 359-0725. We are your solution even before issues arise.

Situations Covered by Commercial Insurance

Posted on June 28, 2024July 10, 2024 by admin

A business owner carries many responsibilities, ranging from maintaining safety standards to providing worker’s compensation insurance for employees. If the business lacks insurance, both the owner and the employees could be exposed to potential financial losses. These losses could arise from various sources, including a workplace accident or legal action from a customer over a faulty product. To safeguard against these eventualities, a business owner should obtain commercial insurance. At South Carolina Federal Insurance Solutions, we can help you select commercial insurance coverages from a number of top-rated companies.

What Does Commercial Insurance Cover?

Commercial insurance is designed to protect businesses, companies, and commercial enterprises. Running a business incurs considerable costs, and businesses are susceptible to workplace accidents, property damages, natural disasters, theft, and legal disputes. If the business experiences a natural disaster, such as a flood, or fire, commercial insurance will help cover some potentially significant financial losses. Commercial insurance can cover expenses should the enterprise be sued for delivering a flawed product or be the target of a ransomware attack depending on the coverages you select.

Further, if an employee sustains a physical injury at work, such as a fractured bone on a construction site, the owner can rely on the insurance plan to cover the worker’s medical bills. For a discussion on other potential situations, feel free to contact one of our insurance advisors.

Locate a Commercial Insurance Advisor

Insurance Solutions is a SC agency that offers financial coverage for businesses. If you wish to learn more about our plans or policies, please call 833-359-0725. We’ll schedule an appointment for you with a knowledgeable insurance advisor promptly.

Three Claims Your Home Insurance Would Likely Cover

Posted on May 31, 2024July 10, 2024 by admin

Every home insurance policy has specific terms that determine what claims it covers. At South Carolina Federal Insurance Solutions, we can help you understand what types of claims your policy is likely to cover. Of course, your policy coverage is unique such that any claims reported will be adjusted for payment by your insurance carrier.

1. Fire Damage

One of the most serious risks to homes is fire, as a single fire could cause extensive damage or total loss of your home. Whether it’s a kitchen accident, electrical fault, or an external cause, fire can be almost impossibly expensive to recover from without insurance.

Home insurance policies typically cover the cost to repair or rebuild and replace lost or damaged contents if a house fire occurs, depending on the limits you purchased.

2. Slip and Fall Accidents

Suppose someone is injured while on your property, such as in a slip and fall accident; you may be held financially liable for their medical expenses and other losses. Home insurance policies usually include liability protection, which may pay legal fees and medical expenses if a non-family member is injured in or around your house.

3. Burglary

Being victimized by theft in your residence can be both violating and costly. Home insurance can’t prevent the sense of violation you may feel, but it could help replace stolen items. Depending on your policy coverages and limits, your insurance may pay to repair any damaged windows, doors, or other parts of your home during the break-in

Ensure Your Home is Protected

At Insurance Solutions, we understand homeowners’ insurance. Contact us today to ensure your home insurance coverage meets your needs. We’ll review your situation and risks and then help you find a policy that provides the coverages and limits you want.

Preparing for Hurricane Season

Posted on April 24, 2024April 24, 2024 by Robin Easterlin

Hurricanes and tropical storms are famously unpredictable, which can make preparing for inclement weather especially challenging. However, there are steps you can take to protect your property and provide you and your family peace of mind long before a storm hits the radar. Here are some things you can do in advance of hurricane season.

Review your policy and identify any gaps in coverage

As your life changes, so do your insurance needs. By reviewing your policies on an annual 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 in today’s market. That is a $100,000 gap in coverage, which could leave you without the proper resources to rebuild in the event of a loss.

An insurance review can help you understand what sort of damage may not be covered under your existing policies. For example, it is a common misconception that a standard homeowners insurance policy protects against flood damage resulting from severe weather events. Regardless of whether you live in a flood zone, flood insurance can help you protect your home and its furnishings against these damages, potentially saving you thousands in out-of-pocket expenses. Talk to your South Carolina Federal Insurance Solutions advisor about your risk of flood damage, or get a quote in minutes from Neptune Private Flood Insurance.

Be prepared to pay your deductible

As a result of rising insurance costs, many homeowners are experiencing an increase to their deductibles. In some instances, insurance carriers have increased deductibles on policies in an effort to pass along rising claims costs to consumers. In other cases, consumers are opting for higher-deductible policies to help lower premium costs. Either way, it is important to understand how an increased deductible will impact your budget if you need to file a claim.

A typical hurricane deductible can range from 1% to 5% of a home’s insured value. If your home is insured for $500,000 and your hurricane deductible is 3% of your home’s insured value, in the event of a total loss, you will be responsible for paying $15,000 towards damages before your policy kicks in.

If you are not sure how you would pay a large deductible, you are certainly not alone. In fact, many adults do not have enough emergency savings to cover repairs in today’s market. Whether you are just getting started or want to ramp up your savings, South Carolina Federal Credit Union’s complimentary financial wellness platform has tools to help you build your emergency fund. Click here to get started.

Create a home inventory

A home inventory is a detailed log of all of your possessions. Many insurance carriers recommend keeping an up-to-date home inventory, as it can help ensure you have enough coverage and save time and stress when filing a claim.

Your home inventory should account for nearly every item in your household. From appliances to furniture, and all of your miscellaneous items in storage, your list should be comprehensive and include the following:

Item description including the serial or model number. If possible, use photos or videos to record everything inside and outside of the home and other structures on the property.
Cost and date of large purchases with sales receipts or appraisals.
Estimated replacement cost of each item.

Assembling a household inventory may feel like an overwhelming project. However, completing it in advance of a severe weather event can save you valuable time once a storm is projected for your area. Once you have completed your home inventory, do not forget to store it in a safe deposit box or another location where it can be accessed easily in an emergency! Remember, you can adjust your insurance policies at any time, though, you may experience a 30-day waiting period before coverage goes into effect. Hurricane season starts June 1, which means homeowners should plan ahead to ensure coverage is in place before a storm hits the forecast. To get started preparing for hurricane season, contact us to schedule a complimentary review of your coverage.

Flood Insurance FAQs

Posted on April 24, 2024April 24, 2024 by Robin Easterlin

Floods are the most common and costly natural disaster in the United States. However, according to the National Association of Insurance Commissioners, only about 15% of homeowners have the correct policies in place to cover their home and belongings for flood-related damage^*. At South Carolina Federal Insurance Solutions, we are committed to helping you understand available coverage options and select a policy that fits your unique situation. We have compiled a list of frequently asked questions to help you navigate the world of flood insurance.

Does my homeowners insurance policy cover flood damage?

Many homeowners believe that they are covered for flood damage by their homeowners insurance policy. However, flood coverage is excluded by most homeowners policies.

How can I distinguish flood damage from other water damage that IS covered under my homeowners insurance policy?

Under most homeowners insurance policies, if water damage occurs suddenly or accidentally from a source inside your home, such as a busted pipe, it will likely be covered. The primary difference is that with a flood, the water comes from a natural source, such as storm surges, inland flooding caused by bodies of water overflowing, or flash floods.

How much damage can flood water cause?

According to FEMA, just one inch of water can cause $25,000 of damage to your home. Floods can cause power, water, and gas outages; pollute drinking water systems; damage homes and buildings; and cause severe environmental problems. Also, flooding can cause fatalities and serious injuries when people do not heed evacuation orders.

I do not live in a flood zone. Do I still need flood insurance?

Many homeowners believe that they only need flood insurance if their mortgage lender requires it. However, you do not need to live in a high-risk flood zone or near the coast to be at risk. Wherever it rains, it can flood, regardless of your proximity to a body of water. According to FEMA, 99% of counties in the United States have been impacted by flooding.

How can I obtain flood insurance?

The majority of flood coverage in the United States is issued by the National Flood Insurance Program (NFIP). This program is managed by FEMA and offers flood insurance to homeowners in participating communities. However, homeowners can also look to private flood insurance companies to secure coverage at more competitive rates. Private flood insurance may be a good option for those seeking more coverage options than the NFIP offerings, need higher limits of coverage, or are looking for savings.

Insurance Solutions is proud to offer flood coverage through Neptune Private Flood Insurance. Neptune allows you to tailor your policy to cover more of your assets and provides flexible offerings that go above and beyond the limitations of NFIP. To get started, visit their quick self-quoting option or reach out to your Insurance Solutions advisor to schedule a comprehensive review of your policies.

^* https://content.naic.org/sites/default/files/cipr-jir-2023-1.pdf

Extra Layer of Protection: Understanding Umbrella Insurance

Posted on March 29, 2024April 22, 2024 by admin

Coverage Enhancement with Umbrella Insurance

In the beautiful state of South Carolina, living life to the fullest demands a comprehensive protection plan. Umbrella insurance enhances the coverage levels of your existing policies, and at South Carolina Federal Insurance Solutions, we can help you understand your options.

Understanding Umbrella Insurance

Umbrella insurance is a unique product that offers an extra layer of liability protection in addition to the coverage already provided by your existing insurance policies. It is triggered only after the coverage of the other policies has been exhausted. Umbrella insurance may add coverage that your underlying policies don’t! Imagine it as your safeguard on a rainy day, just like carrying an umbrella.

The Assurance Umbrella Insurance Brings

When purchasing insurance policies for your home, or boat, most people hope that they never have to use them. However, if an accident occurs, you pay your deductible and trust that the coverage you bought will handle any claims made.

But what if the coverage isn’t sufficient? What if you’re involved in a car accident and the other driver sues you for damages above your primary liability limits? Lawsuits are common in our society and can be very costly. If you’re found to be at fault, you’d be financially liable for the difference, putting you at risk of losing everything you’ve worked for over the years. This realization underscores the peace of mind umbrella insurance can provide, knowing that you have more coverage.

Discovering Your Options

Our experienced independent insurance advisors can review your current policies and help you understand the available coverage options offered by an umbrella policy. We can explain what it covers and what it doesn’t so that you can decide if it’s worth buying in your situation.

Essential Flood Insurance Tips

Posted on February 28, 2024February 29, 2024 by admin

Living in a gorgeous coastal city like Charleston has its upsides. Residents enjoy breathtaking sunsets, historical charm, and living in a vibrant southern community. Conversely, long-term residents know that coastal storms and hurricanes blowing through the city can have devastating financial and emotional effects.

The insurance professionals at South Carolina Federal Insurance Solutions want to help you minimize the financial aftermath that can result from flood damage.

Five Essential Flood Insurance Tips

Tip #1. Assess Your Home Flood Risk

The first step is to assess the flood risk for your property. Learn about risks to your property by evaluating local flood maps, analyzing past flood events, and seeking the advice of an experienced flood insurance agent.

Tip #2. Purchase Flood Insurance Coverage

Devastating tornadoes and hurricanes that spawn flooding can happen with little to no notice. Choose a comprehensive flood insurance policy that will protect your home’s structure and interior contents against the unexpected. Check out the online quoting option on our Flood Insurance page!

Tip #3. Stay Informed About Local Weather

Staying on top of local weather-related news events can help residents secure their valuables or erect emergency flood barriers.

Tip #4. Mitigate Flood Damage Risks

Mitigate the potential risks of damaging floods caused by rainstorms and storm surges by taking preventative measures. Elevating electrical systems, installing flood-resistant barriers, and maintaining proper drainages are all mitigation techniques that can reduce flood impacts.

Tip #5. Review Your Policy

Homeowners should review all insurance policies annually with their insurance advisor to ensure they have sufficient comprehensive coverage to protect the interior and exterior of their homes.

Contact a knowledgeable and friendly advisor at Insurance Solutions for more information on flood insurance today!