What Is Notary E&O Insurance?
Notary errors and omissions insurance is also known as E&O insurance or professional liability insurance. This policy can help cover claims of:
- Negligence
- Errors or omissions in services provided
- Misrepresentation
- Violation of good faith and fair dealing
- Inaccurate advice
Errors and omissions coverage(E&O insurance) is essential for notaries because it helps cover you if you make a mistake on the job. For instance, if you misidentify one of the signers of an important document and a lawsuit is filed against you, this coverage can help pay your legal fees.
What Is the Difference Between Bonds and E&O Insurance?
Bonds and E&O insurance are both important for notaries. The main difference is that bonds help protect the public, while E&O insurance helps protect you. Bonds guarantee that your clients will get their money back if you make a mistake.
On the other hand, E&O insurance helps cover you as a notary. For instance, if you make a mistake in your notary services and a client sues you, this coverage can help pay your legal expenses and court costs. You’ll pay your insurance company a monthly premium for coverage and they’ll help pay the insurance claim filed against you. This coverage isn’t always required by law.
To learn more about bonds and E&O insurance, get a quotefrom us today.
What Do Surety Bonds Cover?
Surety bondsoffers a financial guarantee to your clients. These notary bonds protect your clients. If you make an error in your notary services, these bonds will make sure they get their money back. For instance, if you make a notary error that causes public harm, your client can file a claim against your bond. They’ll receive payment and you’ll have to reimburse the bond company or buy a replacement bond. In some states, surety bonds may be required by law for notaries.
What Does E&O Insurance Cover?
Notary E&O insurance can help cover mistakes or omissions in your professional services. For instance, if you make a mistake in your notary services and a client sues you, this coverage can help pay your legal expenses and court costs. Errors and omissions coverage isn’t always required by law, but it’s good to have because it helps cover notaries from common mistakes, like:
- Finding out someone forged your signature on documents
- Unintentionally breaking the law by notarizing paperwork
- Making an error that causes public harm
Who Should Have Notary Errors and Omissions Insurance?
If you or your employees are public officials appointed by the state, you’ll want to get Notary E and O insurance. This coverage helps protect you and your employees if you’re serving as an official impartial witness. You’ll also need it if it’s your job to verify the identity of those signing the important documents.
How Much Is Errors and Omissions Insurance for Notaries?
Notary errors and omissions insurance costscan vary. Some factors that might influence how much you’ll pay include your:
- Location
- Coverage limits
- Years in business
- Claims history
Get a Quote for Notary E&O Insurance
Still not sure how much notary errors and omissions (E&O) insurance protection you need? To learn more about how much E&O insurance coverage you should buy, get a quote today. We’re an insurance company you can trust and have helped notary businesses like yours get the coverage they need for over 200 years.
