How Does Umbrella Insurance Work?

Many home and auto insurance policy owners in the Braselton, GA area are often asked if they want to add umbrella insurance to their portfolio. If you are wondering if it is a worthwhile investment, your local agents at Bingham Insurance Group have the answers.

When You are Found At-Fault, Your Home and Auto Insurance May Not Do the Job

Umbrella insurance is designed to provide higher liability coverage.  Your home and auto insurance comes with a liability maximum that is intended to pay the injured party enough to handle their medical and living expenses for an injury or property loss due to an accident. However, if they are looking at the loss of a limb, a life-changing disability, or the resultant loss of income, they may be entitled to a larger payout. Your home and auto insurance will cap their payout at the maximum, leaving you open to a lawsuit. Many people perceive that a person living in a nice neighborhood or runs a successful business has a deep pocket to pick, making you more of a target after even a simple fender bender.

Umbrella Insurance Takes Over where the Other Drops Off

Umbrella insurance adds a larger liability limit, often in the millions. When one insurance policy tops out, your umbrella policy can cover the remaining balance of the claim. This can help you to keep your savings account intact or prevent the sale of your second home. Umbrella insurance is often an attractive addition to your insurance coverage when you own a business that is associated with higher liability risks. However, umbrella insurance will not cover an incident that is a result of illegal or criminal activities.

If you would like to learn more about umbrella insurance, give us a call at the Bingham Insurance Group serving the greater Braselton, GA area today.

Who should carry flood insurance?

With changes that have been happening with the weather all over the country areas that have never seen a flood are in danger of seeing one. With more and more once in hundred-year floods showing up more and more people have started to wonder who should carry flood insurance. At Bingham Insurance Group in Braselton, GA, our independent agency makes sure our customers can choose from among the most reliable carriers in the business. 

Who should carry flood insurance? Anyone with even a small risk of flood damage. 

At one point in 2019 more than two-thirds of the contiguous United States was in danger of flooding and the words "rains of biblical proportions" were used to describe the condition. Combined with heavy snow in Canada and you have a recipe for disaster. 14 million people were impacted by this flooding. It is eye-opening, to say the least. 

Flood insurance is offered through the NFIP (National Flood Insurance Program) and administered by FEMA. Their policies are sold through about 60 direct service insurance carriers. In order to purchase this insurance, the community where you reside must be one of the 23,000 participating NFIP communities. If you live in a non-participating community, you still can get flood insurance through 59 WYO (Write Your Own) companies. It is still the NFIP insurance it is just written and sold using the insurance company’s branding. 

Beyond the NFIP and WHO policies, other private carriers are selling flood insurance. This private insurance offers advantages such as offering higher limits on the physical building and the content level than those allowed with the NFIP policy. They also offer loss of use coverage to help you pay for a place to stay while your home is being repaired. One disadvantage is the insurer can cancel your policy if they feel the risk is too great, NFIP insurance can’t do that. 

Contact Bingham Insurance Group in Braselton, GA for all your insurance needs. 

Do I need to get a life insurance plan?

If you are in the Braselton, GA area, you should take the time to evaluate your personal needs when it comes to insurance. A form of insurance that a lot of people would benefit from getting is life insurance, which offers financial protection to those that you care about. There are a few reasons why people in this area of Georgia should invest in a life insurance plan. 

Protection for Dependents

The main reason that people will need to get life insurance is so they can get proper financial protection for their dependents. When you get a life insurance plan, you will have the ability to build it to have a term that covers your need and offers a certain financial insurance benefit if you were to pass away. This allows you to build a plan that can cover any end of life expenses and provide financial protection for those that you care about. 

Insurance Offers Investment Benefit

You may also want to get a life insurance plan if you are looking for an investment alternative. Those that invest in whole life insurance will see some of their monthly premiums go into an investment account that will slowly build in value. A whole life insurance plan can end up being a great conservative addition to any personal investment plan and offer financial benefits for years to come. 

Those that are looking for a life insurance plan in the Braselton, GA area should call the team with Bingham Insurance Group. There are a lot of important factors that need to be considered when you are shopping for life insurance. The team with Bingham Insurance Group can help you properly assess your needs and build a plan that gives you the right type and level of coverage. 

Is Auto Insurance Required in Georgia?

If you are a driver in the state of Georgia, you need to make sure you have at least liability auto insurance in place because if you do not, you can face penalties.

A liability insurance policy only covers the other driver that you may become involved in an accident with and the other driver’s passengers. This type of policy will cover any injuries or property damage that you cause in an accident that is determined to be your fault and not the fault of the other driver. Along with this type of policy, you may want to obtain underinsured and uninsured auto insurance that will cover your vehicle and your injuries if you become involved in a crash with someone who did not follow the law and does not have at least liability insurance to cover damages to your vehicle and any injuries to you or your passengers.

The auto insurance agents at the Bingham Insurance Group in Braselton GA know and understand the auto insurance requirements of the state of Georgia and can help you obtain the correct policy. There are several other options when it comes to auto insurance that you may be interested in to protect the investment you have made in your vehicle.

Comprehensive Auto Insurance

If you borrowed the money to purchase your vehicle, you may be required to have comprehensive auto insurance. This type of auto insurance will cover any damages to your vehicle if you are involved in an accident, your vehicle is destroyed by a fire, vandalism, or a natural disaster, or it is stolen.

Collision Insurance

Collision insurance will pay for any damages that you cause in a collision with another vehicle or with some type of object, such as a garage door. For example, if you back into your neighbor’s garage door and cause damage to the door, collision insurance will pay for the damages to the door.

For assistance in determining what type of auto insurance policy is best for you and your situation, contact the agents at the Bingham Insurance Group in Braselton, GA to start your policy or receive a quote.

Who should get commercial insurance for their business?

For people that aspire to be small business owners, Braselton, GA can be a great place to start an organization. Those that are here will enjoy the strong local economy and support for small local businesses. When you start your own small organization in this market, you need to make sure you get proper insurance coverage. Having this protection is needed in a variety of different situations. 

When Trying to Protect Financial Future

One of the main reasons that a business owner should invest in insurance for their company is that it can protect the financial future of the organization. If you choose to get a policy for your business, it will help to protect your business assets and mitigate liability claim risk. Ultimately, this could help to keep your company solvent if an accident occurs and you incur a loss. 

When Trying to Comply with Requirements

Another situation when a business will need to get commercial insurance coverage is when they want to comply with their insurance requirements. Any business today will have a variety of requirements that need to be met regarding insurance. If you get a full insurance policy, you can stay in compliance with insurance requirements set by your lender, investor, or other parties with an interest in your company. 

When you are going to get a commercial insurance policy in the Braselton, GA area, you will want to make sure that you get guidance and support provided by the team at Bingham Insurance Group. Those that work with Bingham Insurance Group to discuss their insurance needs can get the support that is needed to choose a policy that is right for you. The process will give you comfort that your organization is properly covered with insurance. 

Why You Need Home Insurance in Braselton GA

For starters, home insurance in Braselton, GA is mandatory to secure a home mortgage. A bank will not give out a mortgage if the property is not insured. This is their collateral in case you stop paying your mortgage. There are many reasons why you need home insurance. At Bingham Insurance Group, we’ve outlined three of them here. Read on to learn more.

1. Liability Insurance

Think only businesses get sued when someone is injured on their property? The truth is that homeowners can also face liability. If someone is injured on your property and you don’t have home insurance, you will face hefty lawyer fees and court fees, all paid out-of-pocket. 

2. Fire Insurance

The last thing you want is to see your home or vacation home go up in smoke. But fires do, unfortunately, happen. Fire insurance is part of your standard homeowner’s policy and will help to recover the loss you ensue from a fire. Many policies will also put you up in a hotel while your home is being rebuilt.

3.Theft Insurance

To prevent theft it’s important to have a security alarm and outdoor lighting. Thieves tend to bypass houses with good security. However, even with the best of security, thieves still find a way to break in and steal what they want. If this were to happen to you, you can file an insurance claim to help recover your losses after you settle your deductible. 

To learn more about obtaining a home insurance policy for your home in Braselton, GA, contact the friendly and reputable team at Bingham Insurance Group, serving this area. Agents are standing by to take your call. 

What is included with renters insurance in Georgia?

In the Braselton, GA area, you are going to have a lot of options when it comes to choosing housing. One form of housing that you may want to consider would be to rent your home. Those that are renters will enjoy having the flexibility of being able to move when their lease term is over and having fewer obligations when it comes to maintenance and repairs. If you do decide to rent a home, you will still have insurance needs. A quality renters insurance policy comes with several forms of coverage. 

Liability Protection

A renter will end up taking on many of the same liability risks as a property owner will. If your negligence leads to damage to the property, another unit, or even an injury of another person, you could be held liable. Fortunately, if you get a renters insurance policy, you can receive the coverage that you need to offset this risk. 

Protection for Personal Belongings

When you move into a new rental property, you will bring a lot of your personal assets. The value of these assets, which can include furniture, electronics or clothing will add up quickly. To ensure that your assets are properly covered and protected, you will need to get a full renters insurance policy. This will give you the funds necessary to repair or replace your assets if you incur a loss.

As you are looking for a new place to live in the Braselton, GA area, you should plan on discussing your renter’s insurance needs with the Bingham Insurance Group.  There are a lot of choices that come with picking a renters insurance and the Bingham Insurance Group can make the process easier to understand. When you do call them, they will offer you personalized guidance and assistance to ensure you remain covered at all times. 

Liability Insurance Myths Small Business Owners In Georgia Must Avoid While Researching Policies

Bingham Insurance Group assists the Braselton, GA community through helping residents find the insurance coverage that they need to meet any challenges that may arise. We strive to make things easier for our clients and simplify the often complicated process of searching for insurance.

Liability Insurance Myths Small Business Owners Should Avoid

Liability insurance covers small businesses in the event that a situation arises. As a small business owner in the Braselton, GA community, you are trying to stand out from the competition in your industry. Liability insurance can help protect you against any potential threats that may jeopardize the future of your business. While you are researching different types of liability coverage, avoid these common liability insurance myths.

You Don’t Need Workers’ Compensation If You Have A Small Staff

Even if you have a small staff of employees, workers’ compensation is still an asset. You can’t predict the future and you may face serious consequences in the future if something happened to one of your employees. Plus, having workers’ compensation shows that you value the contributions of your staff, which helps improve morale.

I Don’t Need Special Coverage For My Business Vehicle

Many people make the mistake of thinking that they do not need special coverage for their business vehicles because they can use their personal auto coverage. If you were using your vehicle for business and unfortunately got involved in an accident, you would not be covered under your personal auto policy. In order to avoid being held liable, research coverage options regarding using your vehicle for business-related endeavors.  

I Don’t Need Coverage Because I Regularly Work From Home

Even if you primarily operate your business from home, liability coverage can still assist you. If you are going on a business trip and something happens, you will be left unprotected. Liability insurance helps cover you in the event that something happens while you are conducting business away from home.

Bingham Insurance Group Will Help You Secure Your Investment

For more information on liability insurance policies, visit our website today!

What are the benefits of motorcycle insurance?

When you are in the Braselton, GA area, you are going to have the opportunity to enjoy many long sunny days. Due to this, owning a motorcycle could be a great option as it will provide you with a reliable mode of transportation that you will be able to enjoy most of the year. If you are going to purchase a motorcycle in this area, you need to get the proper insurance. There are several benefits that will be received if you get a motorcycle insurance policy. 

Receive Coverage for Asset

One important reason to get a motorcycle insurance policy is that it can give you coverage for your asset. When you purchase a motorcycle, you will want to be able to protect your asset. A great way that you can do this is by getting a full collision and comprehensive insurance policy. This type of insurance will ensure that you are covered for a variety of situations that could result in a loss.

Liability Protection

Another advantage of getting motorcycle insurance is that it can offer you valuable liability protection. Anyone that has a motorcycle will be at risk of causing an accident that leads to damages. If you get a full motorcycle insurance policy with liability protection, you will receive coverage that will protect against that risk. 

If you are looking for a motorcycle insurance policy in the Braselton, GA area, you will want to make sure that you speak with someone that you can trust. When you are looking for insurance in this area, the Bingham Insurance Group can be a great resource. When you call the Bingham Insurance Group, you can learn more about all of your options and needs. This will help to ensure that you and your motorcycle are fully covered by insurance. 

Some commonsense boat safety tips

Owning a boat can be the source of endless hours of fun and relaxation, whether you like to go out on a lake to fish or hold a shipboard party in a nearby harbor for the weekend. But, like an automobile, a boat is a large motor vehicle, and so, as Bingham Insurance Group serving Braselton, GA is pleased to remind you, certain safety protocols should apply.

You should have your boat safety kit available, including life vests for all passengers. You can hope that you will not suffer a mishap that will cause you to abandon your boat, but being able to survive in the water until the Coast Guard or another boater rescues you is a good thing. A working radio with which to summon help would also be of use.

You should check the weather before going out. Nothing will ruin your outing quite like being out on the water in a storm.

You should maintain your boat properly, making sure that the engine runs as it is supposed to.

Do not overload your boat with people and equipment. Having your boat capsize is not only embarrassing but downright dangerous.

Use common sense while on the water. Do not go tearing around like a hot-rodder, endangering other boaters and swimmers. The same rules that apply to safe driving on the road in a car apply to safe boating. Be alert, as well, to other boaters who may be misbehaving.

Follow all of the safety procedures for anchoring when on the water and for docking when you return to the marina.

For information on boat insurance, feel free to contact Bingham Insurance Group serving Braselton, GA.