If removing and reinstalling the sim card with a reboot wont work then the sim card could be corrupted. You can get a new one from a Verizon corporate store or you can call customer service and they can ship it to you.
The SIM card is what connects your phone to the network, MrDosentknow, so it simply has to be in working order. It’s awful to hear that your device won’t read the SIM card after doing an update. We’re here to help out. We see that it’s been a couple days since your post, and Klue has provided some helpful suggestions. Is your device still showing this error? If so, have you had a chance to replace the SIM card?