As a Notary Public, you are deemed a professional for whom people rely on being impartial and make accurate representations. You verify that whoever is to be signing a document is the actual person. Unfortunately, mistakes can happen. These mistakes can have an impact on the people for whom you have provided your professional services. In the litigious society we live in, these means that it is almost inevitable that you will be sued.
You should have Errors & Omissions insurance for precisely that...your potential errors and omissions. Perhaps you accidentally violated a law and notarized something you shouldn't have; maybe your notarization caused undue harm that you did not realize would happen, or any other error or omission you make can be impactful and cause some legal action against you. Protect yourself by purchasing this type of coverage.
While you should have one in your profession, a Notary Bond protects the public more than you. It is designed to provide funds to your client if you make a mistake. Of course, you do everything you can to make sure you don't make mistakes, but you are human, and the possibility is there. Since the Notary Bond protects the client and not you, it is critical that you purchase E&O insurance for yourself.
Notary E&O insurance is a type of Professional Liability insurance to protect you from any errors or omissions you may unintentionally make while performing your profession. It will keep you from losing all of your possessions in case a lawsuit does arise, and you are unable to pay to defend yourself, or for any damages awarded by the courts.
Notary E&O has standard coverages with all insurance companies.
Being trusted with vital documents such as car titles, mortgage paperwork, custody agreements, and even powers of attorney can be a great feeling. Sadly, this great feeling can fade quickly if you unintentionally make a mistake and are drug to court because of it. Be sure to purchase Notary Errors & Omissions insurance to keep your Notary business going and your wallet full.
Work with your insurance agent to determine what the limit on your policy should be. It will depend on how much work you do in a year, how many clients you see, and what type of documents you are notarizing. You can have limits anywhere from $10,000 to $250,000. The limit will, of course, impact the premium so you may need to keep this in mind.