Month: November 2025

As a business owner, you understand the importance of minimizing risk, especially when it comes to the people you depend on.

If your contractor hires a subcontractor who doesn’t carry adequate insurance, your own policy could be used to cover a workers’ compensation claim in the event of an incident. That means your business could be held financially responsible for something completely outside of your control.

When hiring a contractor or subcontractor, it’s important to remember that the cheapest option isn’t always the best option. A low price today could end up costing you much more in the long run.

At South Carolina Federal Insurance Solutions, we believe that confirming that your contractors and subcontractors are both properly insured is one of the most effective ways to protect your business. Claims filed against your policy to cover an uninsured person don’t only impact you in the short term – they can affect your rates for years to come.

One of the best ways to control exposure is to thoroughly vet your contractors and subcontractors before they start working. Here are a few tips for doing so effectively:

• Request proof of insurance. Always obtain current and valid certificates of insurance.
• Verify the insured party. Ensure the legal name of the contractor or subcontractor is listed on the policy.
• Check the coverages. Make sure workers’ compensation, employer’s liability, and general liability coverages are included so you’re not left responsible in the event of an accident.  
• Review liability limits. Make sure the contractor or subcontractor carries adequate limits for each type of coverage.
• Confirm coverage dates. Policies should remain active for the entire length of the project or service period. Schedule a reminder to follow up a few weeks before the renewal date is set to expire. Also, check the certificate issue date (usually found in the top right corner) to verify their coverage is current. If the certificate is outdated, notify the contractor immediately so they can request updated documents from their insurance provider.

Hiring a fully insured professional helps shield your business from potential lawsuits and unnecessary financial obligations. Taking these proactive steps now could help you save significantly in the future.

At Insurance Solutions, we can help evaluate your coverage and provide guidance on how to best protect your business. Schedule a complimentary insurance review today and take the next step toward safeguarding your company’s future.

Many business owners have commercial property insurance to help offset the costs of repairing or replacing their property in the event of a covered claim. But did you know that flood damage typically isn’t covered by standard commercial property insurance?

Floods are the most common and costly natural disaster in the United States, and they can happen in every state and region. And while you might think your commercial property is safe because it’s not in a high-risk flood zone, that’s not always the case. According to Neptune Flood, 25% of flood losses happen in areas where flood insurance isn’t required by lenders.

Flood insurance is designed to protect both your building and what’s inside it. It can also cover business interruption, including lost income and ongoing operating expenses if flooding forces you to close. Depending on your situation, having a customized insurance policy in place can make the difference between getting back to business quickly or taking more time to recover.

When it comes to protecting your business, our advisors can help you explore two flood insurance options:

National Flood Insurance Program (NFIP) via The Hartford*

• Provides up to $500,000 for businesses and $1 million for its contents
• 30-day waiting period

Neptune Flood Insurance**

• Provides up to $4 million for business and $1 million for its contents
• 10-day waiting period

NFIP is a federally subsidized program managed by FEMA. However, private flood insurance providers, such as Neptune Flood, offer higher coverage limits and additional benefits. Unlike NFIP, private flood insurance remains available even during government shutdowns, with waiting periods as short as 10 days.

At South Carolina Federal Insurance Solutions, we believe flood insurance is a business owner’s best protection against the financial losses of a flood. Let us help you find coverage options that fit your unique situation.

Whether you already have commercial flood insurance or are exploring it for the first time, it is important to review your coverage limits, exclusions, and applicable deductibles. To help you avoid costly surprises down the road, it’s wise to make sure your policy matches your risk level.

Schedule a complimentary insurance review today with one of our advisors and we’ll help you protect your business, employees, and peace of mind.

*The Hartford offers flood insurance through NFIP, which is a government-backed program administered by FEMA. Due to the lapse in federal funding, NFIP applications may not be processed or responded to until after appropriations are enacted.

**Neptune Flood is a private insurer backed by LLoyd’s of London.

Starting a business is an exciting milestone – it’s your opportunity to bring a vision to life and build something that’s truly your own. But before you jump in, it’s important to take a step back and make sure you’re fully prepared for what’s ahead.

From exploring your business model to mapping out a solid financial plan, taking proactive steps early on can help you avoid costly missteps down the road. A critical step that is often overlooked is making sure you have commercial insurance in place. The proper coverage can protect your business in the event of an accident.  

As you prepare to launch your business, here are four key things to keep in mind:

Understand Your Market. Before investing time and money, make sure there’s a demand for your product or service. Conduct thorough market research, talk to potential customers, and gather honest feedback. Understanding who your ideal customer is – and what they truly need – will help you position your business for success.

Get Your Finances in Order. Starting a business comes with upfront costs and it may take time before you start making a profit. That’s why it’s important to map out your expenses, create a budget, and give yourself some wiggle room for surprises along the way. You’ll also want to manage cash flow carefully; rent, payroll, taxes, and invoices will need to be paid, and planning ahead can help minimize financial stress.

Plan for the Unexpected. Even the most well-run business can face unexpected challenges. Having commercial insurance can help safeguard your physical assets, cover liability risks, and protect your employees from natural disasters, lawsuits, or accidents.

According to Forbes, 90% of small business owners aren’t confident their company is adequately insured. One of the smartest ways to protect your investment, employees, and peace of mind is by understanding your commercial insurance options.

Know Your Coverage Options. Commercial insurance isn’t one-size-fits all. The type of coverage you need will vary based on your industry, operations, and risk level. Whether you are planning to open a retail store, restaurant, or tech startup, it’s important to choose insurance that’s tailored to your specific business needs.

Insurance can feel complicated, but you don’t need to navigate it alone. At South Carolina Federal Insurance Solutions, our experienced advisors are here to help you make sense of your options and build a policy that protects what matters most.

Contact us at (833) 359-0725 to speak with an advisor and start exploring your coverage options today!

Source: https://www.forbes.com/advisor/business-insurance/small-business-insurance-statistics/