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Professional Liability Insurance

Professional Liability Insurance Explained

No matter how good you are in your profession, mistakes are sometimes inevitable. If a client or customer thinks that your mistake led to them incurring a financial loss, they might decide to sue you. Professional liability insurance covers you or your company in the case of a professional mistake.

Who Is It For?

In some states, professional liability insurance is mandatory for all businesses. Even in states where it’s not a requirement, professionals still choose to get it in case they get sued.

It is imperative to get this insurance policy if:
• You render your professional services to clients directly
• You advise your clients frequently
• You are required to sign a contract that makes you carry coverage

Usually, the policy helps cover claims of inaccurate advice, professional negligence, and misrepresentation. However, it doesn’t cover everything. Some exclusions include work-related injuries, data breaches, and intentional wrongdoing.

 

Home

Life

Business

Auto

How Does It Work?

An errors and omissions insurance typically covers both the court costs and settlements up to the amount dictated by the insurance contract. In most cases, insurance companies write the policy on a claims-made basis with a retroactive date and an extended reporting period.

The retroactive date means that you or your company is covered for any incidents that take place on or after a specified date. On the other hand, the extended reporting period helps protect incidents that happen within a particular period after your policy lapses. Although the period usually ranges between 30 and 60 days, you can part with some extra money to extend this period to a year or more.

While the claim-made policy is the most common, there is also a type of professional liability insurance, known as occurrence. An occurrence policy will cover a claim for an incident that took place during the period of coverage. This policy comes in handy if you change careers or retire.

Major Benefits

No matter how much you try to satisfy your customers, some might sue you for no apparent reason. These frivolous lawsuits can cost your business so much money, but you don’t have to worry about that when you have insurance. The insurance policy also covers you when you are at fault.

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Good customer service and rates for both home and auto.
Ruth
Ruth
Joe was so kind and helpful when I reached out with questions concerning my auto ins. He gave me honest, no pressure advice that I was very appreciative of. Looking forward to working with him in the future.
Meteor Burger
Meteor Burger
John and his Team are always there to help us out. We carry various insurance policies we bundle and they make sure we are always getting the best service. I would recommend this team to everyone!
Mary Milsk
Mary Milsk
Shannon is the Best. Make sure you call "Young Insurance" because she use to work for Look Insurance but after she branched out and away from Look, they took her telephone number away and if you call that number a snotty guy will answer and won't give you any information on how to get in contact with Shannon. He seems that he doesn't like the fact that she is doing very well and offers a better insurance rate. So keep that in mind when looking her up.
Tim Simmons
Tim Simmons
Best of the best. Shannon is a gem that has gone above and beyond for my wife Lori West over the years. She just helped me get the best priced policy and is so very pleasant to work with. Larry also spoke with me and helped with our concerns. A. Young is by far the best. Thank you!
Phil West
Phil West
Super responsive, and dedicate their time to explain any questions you have. On top of the great service, they got me a great deal. If you're looking for a new insurance agency this is it.
M Rut
M Rut
20 years old and they got me the best rate!
Joseph Kovalchik
Joseph Kovalchik
Working with the agents here is a breeze. Best rate for the right coverage!
Andrew L
Andrew L
The staff is very knowledgeable and helpful and always takes the time to help me with my problem. I highly recommend them.I had occasion to change over my home insurance to A.Young Agency, and once again I was met with exceptional service by Joe LeDuc and Christine the office manager. They make one feel like they are family and go above and beyond to make one’s experience easy and stress-free. I highly recommend them.
Anne Lee
Anne Lee
All staff are very responsive and helpful great agency
Eric Doty
Eric Doty
Shannon is fantastic. She always takes time to acknowledge me when I stop in. The team there is friendly and I feel like they, although very professional, have a very personal investment in their business. 🥰
Mark Rouleau
Mark Rouleau
I've know John for many years and he's a Great Guy who knows his stuff.
M.C. Cawley
M.C. Cawley
I absolutely love this insurance company! They always call when there's a better deal available to save me money! This company keeps in touch and cares about their customers and even remembers my birthday and sends a birthday card! If there's a problem with the account they're quick to investigate. They always have a solution! Thank you A Young I love all of you! Even though the pandemic has been hard on my family you always know how to make me smile! GOD BLESS YOU ALL!
Lillie Collins
Lillie Collins
Working with Young Insurance is a pleasure.staff is friendly,knowledgeable,and will work with you to get the insurance you need at the best rates.
Kevin Cavanaugh
Kevin Cavanaugh
I just love Shannon, she's the best!! She works so hard to get the best rate for me.I would highly recommend this company.
Barb Genta
Barb Genta
Got me what I needed, when I needed it and at the price I needed.
Dale Hartzfeld
Dale Hartzfeld
Nice friendly local place for insurance
Kathleen Hoadley
Kathleen Hoadley
Joe is the best! Friendly staff that cares about you. I felt like family. Really appreciate the guidance and ease of switching insurance companies. Thank you - Nikki
Nikki Quintanilla
Nikki Quintanilla
Everything we buy in life has three parts to it.Service, price and quality. Normally, one can only expect two out of three. Very rarely do you ever get the total package. A Young Insurance is an insurance company~ that has excellent service , excellent quality and excellent prices! 10 🌠
Tracy Richardson
Tracy Richardson

1400 Scott Lake Road, Suite AA
Waterford, MI 48328