Everything You Need to Know About Notary E&O Insurance

If you’re a notary public or you’re planning to become one, it’s essential to protect yourself and your clients by obtaining notary errors and omissions (E&O) insurance. This insurance is designed to provide financial protection in case you make an error or omission while performing your notarial duties. In this article, we’ll provide you with all the information you need to know about notary E&O insurance, including what it is, why you need it, and how to get it.

What is Notary E&O Insurance?

Notary E&O insurance is a type of liability insurance that provides financial protection to notaries public in case they make a mistake or omission while performing notarial acts. Notary errors and omissions insurance is different from a notary bond, which is a type of insurance that protects the public rather than the notary.

Typically, notary E&O insurance provides coverage for legal fees, court costs, and other expenses associated with defending a claim or lawsuit alleging a mistake or omission on the part of the notary. Notary E&O insurance also provides coverage for any settlement or judgment that the notary is found liable for.

Why Do You Need Notary E&O Insurance?

As a notary public, you have a responsibility to ensure that the documents you notarize are accurate and complete. However, mistakes can happen even to the best of us. If you make an error or omission while performing your notarial duties, you could be held liable for any damages that your client suffers as a result.

Notary E&O insurance is essential because it provides financial protection in case you are sued for making a mistake or omission while performing notarial acts. Without this insurance, you could be personally responsible for any damages, including legal fees and court costs, that result from a lawsuit.

Who Needs Notary E&O Insurance?

All notaries public should consider obtaining notary errors and omissions insurance. It doesn’t matter if you’re a full-time notary or if you only perform notarial acts occasionally. If you make a mistake or omission while performing your notarial duties, you could be sued by your client, and notary E&O insurance can provide you with the financial protection you need.

What Does Notary E&O Insurance Cover?

Notary E&O insurance typically covers claims arising from mistakes or omissions made by the notary while performing notarial acts. This can include:

Notary E&O insurance typically does not cover intentional or criminal acts, such as fraud or theft, committed by the notary.

How Much Does Notary E&O Insurance Cost?

The cost of notary E&O insurance varies depending on factors such as the coverage limit, deductible, and the type of notary public you are. Generally, notary E&O insurance costs between $200 and $500 per year.

How Do You Obtain Notary E&O Insurance?

To obtain notary E&O insurance, you can either contact an insurance agent or use an online insurance marketplace. You’ll need to provide information about your notary commission, including the state where you’re commissioned and the type of notary public you are.

Once you’ve provided this information, you’ll receive a quote for the cost of the insurance. If you decide to purchase the insurance, you’ll need to provide payment information and sign the insurance application.

Frequently Asked Questions

Do all states require notaries to have E&O insurance?

No, not all states require notaries to have E&O insurance. However, it’s a good idea to obtain this insurance regardless of whether or not it’s required by your state.

Does notary E&O insurance cover me for mistakes I make outside of my notarial duties?

No, notary E&O insurance only covers mistakes and omissions made while performing notarial duties. If you make a mistake outside of your notarial duties, you’ll need to obtain a different type of liability insurance.

How long does notary E&O insurance last?

Notary E&O insurance typically lasts for one year. You’ll need to renew your insurance annually to ensure that you’re always protected.

What type of coverage limit should I choose?

The amount of coverage limit you choose depends on factors such as the type of notarizations you perform and the value of the documents you notarize. Most notaries choose coverage limits between $10,000 and $100,000.

Can I cancel my notary E&O insurance policy?

Yes, you can cancel your notary E&O insurance policy at any time. However, you may be subject to cancellation fees or penalties.

Conclusion

Notary E&O insurance is an essential protection for notaries public. This insurance provides financial protection in case you make a mistake or omission while performing notarial duties. It’s important to obtain this insurance to protect both yourself and your clients. If you’re a notary public, consider obtaining notary E&O insurance today.