Any person who owns a business where a professional service is provided can be held liable for errors and omissions. To protect your assets you need errors & omissions insurance.
Notaries Public should be sure that they also have errors and omissions insurance. This insurance offers coverage in the event of a mistake being made in your professional work.
Notaries are often verifying signatures for multi-million dollar real estate deals. In a world where the answer to any problem is a law suit, you cannot afford to be found liable for this type of land dealing that has turned sour. You were simply doing your assigned duty as a notary.
Notaries have been sued for notarizing documents that were signed by persons who had stolen the identity of another person. Even though the notary saw the state issued driver’s license, the homeowner and bank involved in the case sued the notary. By having errors and omissions insurance, the notary is covered in such events.
While some notaries are under the impression that their bonding or employers insurance will cover them in such actions, the truth is that neither provides the correct protection. The bond protects your clients and not you. Your commission belongs to you and not to the business for which you work. Some notaries have had to file personal bankruptcy due to the losses associated with errors and omissions.
Errors and omissions insurance will provide for necessary legal representation in any such lawsuit. In addition, they will pay the specified liability of the insurance policy.
It is easy to make a mistake, with not desire to defraud. Diligent notaries may sometimes be fooled through a forged identity or even a state issued identification. Do not let another person’s dishonesty destroy your personal life.
You can even get home based business insurance if you operate out of your home, or you can get error and omission insurance if you are professional that can be sued for mistakes made on the job.
categories: small business insurance,business insurance,home business insurance,entrepreneur insurance,liability insurance
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