Insurance

How Georgia’s New Bad Faith Laws Impact Liability Insurance In Braselton, GA

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Georgia changed the state’s bad faith laws in 2024, and this can have a huge impact for you if you carry liability insurance. The state amended the O.C.G.A. § 9-11-67.1 statute that governs how settlement demands work in terms of auto injury claims. Essentially, the changes affect how an insurer responds to a claim filed against your policy. A direct impact on you as a policyholder.

What Exactly Changed With Reforms to Georgia’s Bad Faith Laws?

Many attorneys used to make a habit of pressuring insurers into making mistakes. To do this, they sometimes issued complex and time-sensitive settlement demands. Just one missed detail on a check could make a settlement void.

In 2024, Georgia reformed the bad faith laws to create a safe harbor for insurance companies who:

  • Accept a demand’s material terms.
  • Provide a sworn insurance disclosure.
  • Pay settlements within 40 days.

This results in fewer technicalities that have the potential to blow up a claim that an insurance company tried in good faith to settle.

How This Affects Your Liability Insurance

Liability insurance is there to protect you when you’re responsible for causing injuries to another person or damage to their property. If you have a claim against you and it spirals into a bad faith dispute, the claim can push far beyond the limits of your policy.

Under Georgia’s old rules, it happened a lot more than Braselton, GA drivers realized. But the new law makes the process tighter. So insurance companies that act in good faith have a more clear path to settling a claim on your behalf.

Why You Should Take Note if You Drive in Braselton, GA

It’s all about location. Braselton is located right along I-85. Traffic pours through from Gainesville and Atlanta. Fender benders and other accidents are par for the course on that corridor.

If someone files a claim against your liability insurance after a wreck, you need to know your insurer can respond without getting tied up in a bunch of procedural games. At the Bingham Insurance Group, we help you work through all of this.

Make Sure Your Policy Works with the New Rules

The bad faith reforms are good news for policyholders. But only if your liability coverage is set up as it should be. Get in touch with Bingham Insurance Group today, and we’ll go over your policy with you to make sure you’re in good shape.

Situations That Require Higher Liability Insurance Coverage

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Most insurance policies provide some liability coverage. For example, someone could slip and fall on your property in Braselton, GA, requiring medical care and potentially leading to a lawsuit. However, do your commercial or personal insurance policies offer enough coverage to protect you adequately? Bingham Insurance Group, serving residents of Braselton, GA, can help you determine whether your current policies are sufficient or if you need additional liability coverage.

When Should I Get Additional Liability Coverage?

While there’s no strict rule for when to get additional liability coverage, several common situations may warrant it. Owning significant assets or having a high net worth can make you a target for lawsuits, as some people view wealth as a reason to sue. If you own a high-value home, additional liability insurance may also be worth considering for the same reason.

Other situations that may call for additional liability insurance include:

  • Owning a swimming pool or trampoline
  • Having specific dog breeds considered dangerous
  • Frequently hosting or entertaining guests
  • Engaging in volunteering or coaching youth sports

While some of these activities may not seem risky, they can create situations that involve increased liability.

Consider an Umbrella Insurance Policy

Auto, homeowner’s, and many commercial insurance policies provide some liability protection. However, if someone files a serious lawsuit for an injury, the liability limits of these policies may not be sufficient. Many injury-related lawsuits can result in damages that exceed millions of dollars, far surpassing the liability limits of standard insurance policies. An umbrella policy offers an extra layer of protection at a minimal cost. Umbrella policies activate after the liability limits on other policies have been exhausted.

Learn more about how purchasing liability insurance can protect your personal or business interests. Call Bingham Insurance Group, serving residents in Braselton, GA, to schedule an appointment.

How Does Liability Insurance Work?

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Liability insurance is important for any party liable or at fault for damages to someone’s property or if the insured party causes bodily damage to another person. As Bingham Insurance Group of Braselton, GA explains, liability insurance provides financial cover to the insured party as long as they do not intentionally harm someone or conduct criminal acts.

Who Needs This Policy?

Anyone who drives a car, owns a business, practices law or medicine should get this policy. In short, if you or your company can easily be sued for injuries or damages caused to another party, you should consider this cover. It protects you and the third party that can get injured as a result of your unintentional negligence.

Types of Liability Insurance

For instance, business owners are exposed to various liabilities which put their assets at risk. As discussed below, here are a few types of liability insurance.

  • Workers Compensation Insurance: This is essential coverage for anyone with employees. It protects the company against any liabilities arising from an employee sustaining an injury at the workplace or the death of an employee.
  • Product Liability Insurance: Any company manufacturing products for public use should get this type of liability insurance. It provides cover against a lawsuit resulting from death or injury caused by the product.
  • General Liability Insurance: This policy provides cover against lawsuits resulting from injuries to the public or employees, property damage caused by employees, and injuries sustained due to negligible actions of an employee. The policy may also provide cover against slander, libel, and tenant liability.
  • Umbrella Liability: An umbrella liability policy is designed to protect the policyholder against various losses. It becomes effective when the insured party has exhausted their limits on regular insurance.

Residents of Braselton, GA, who are looking to protect themselves against various liabilities can contact Bingham Insurance Group. We will help you analyze your needs and decide which policy can offer you sufficient protection.