Notary Insurance Basics
Here is some Notary Insurance Basics. Errors and Omissions Insurance (or E & O Insurance as it is usually called) is a protection against negligent acts committed while in your official capacity as a Notary Public.
It is not a general liability policy and will not protect you for other negligent acts, such as automobile accidents. It only protects you if you negligently notarize a document.
You should also know that it will not protect you for "intentional acts." For example, if you knowingly notarize an improper signature, this insurance is will not help you. Because you notarial act was done intentionally and not negligently.
So it is your intention and knowledge that count when determining coverage. Negligence means "unknowing and unintentional."
Only your actions while performing as a notary will be covered. This is not insurance that will cover all your negligent acts.
The good news, because the coverage is rather limited, as is the scope of potential liability for the insurance company, rates for this type of insurance is rather cheap.
In real person terms, the chances of the insurance company paying a claim is rather slim. So you benefit in the cost.
So do you need notary insurance or E & O? Well, your state may require it so you will need to purchase E & O. If not, then it is still a good idea to purchase this insurance. It is actually not that expensive and it is worth it to you and your family in case something really bad happens.
But unless it is required, the decision is up to you. Analyze how you feel about going it alone?
How many times a year will you notarize a document? Take that number then divide the cost of the policy and this will tell you the cost per notarized signature. Is it worth the cost? This is your call based on your emotion and business analysis.
So where to buy Notary Insurance? Take a look at the links below for a place to start. If you have a current business relationship with an insurance agent that writes commercial policies (sometimes referred to as commercial lines), then he can help too.
If you do not know an local insurance agent that writes commercial lines, you can ask your personal insurance agent for a reference.
Here are a couple of links to start the process. Keep in mind what is right for you and what you are comfortable with purchasing.
Unless you are a Mobile Notary or Notary Signing Agent, I would stick with the minimum coverage required by your state.
Notary Insurance can be found at this link....
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