When your iPhone was to come in contact with any type of liquid, the combination of the liquid and the battery can create an electric shock that could destroy the phone and the SIM card.

1. If your phone becomes wet, you should immediately shut the phone off and remove the SIM card.
2. You can then use a paperclip to remove the sleeve the holds that card by pushing the tiny button on the tip of the phone.

For the ultimate in protection, you should purchase iPhone insurance. The premium can be paid yearly or monthly and the policy will cover your iPhone against liquid damage and various other insurable events.