Notary Public Underwriters Blog
The Truth About Notary E&O Insurance
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- Published: October 22, 2014
You constantly hear notary companies pushing E&O insurance, but is this like the membership deals? Do I need to do more research into different ones, and can I survive without it? Just another product they’re looking to profit from…
Errors & Omission Insurance (E&O) is not just another special we have for you—it is just as pivotal to you as your notary bond. Yes, you can survive as a notary public without it, but “better safe than sorry” became a saying for a reason. The notary bond your state requires you to purchase when you become a notary public only protects the public. You are a public official, and therefore, the public is entitled to protection against any mistakes or wrongdoings that may happen during your office. Furthermore, when you have a claim on your bond, you, the notary public, must reimburse the amount. E&O Insurance does not require you to reimburse anything, and there is no deductible. E&O Insurance protects you. Sometimes, honest mistakes happen (but read our mental checklist blog to help make those as rare as seeing a polar bear in Florida). A safety net in life is never a bad idea. As a notary public, many sensitive and important documents will pass by you and it is your responsibility to ensure they are handled properly. Many notaries have made unintentional errors, causing financial troubles from the backlash.
Your E&O policy will protect you against that—it protects you up to the point of your coverage. So, let’s say you purchase a $10,000 policy. Your E&O policy will cover attorney fees, settlements and court fees up to $10,000. It can be the difference between making it out of that situation ok, and being in a financial stress pit. An extra forty dollars on your purchase protects you for four years—ten dollars a year, .027 cents a day, for peace of mind. You can purchase E&O Insurance from most licensed insurance agents; but be sure to read the entire policy, for the premium and policy details vary per state and provider. NPU, like many notary companies offer group E&O Insurance. Not all companies will have the same policies attached to these group Insurance deals – just like any other insurance purchase be sure you understand the entire policy before purchasing. Some company’s E&O Insurance does cover the individual notary, not just the company, but be sure you discuss the policy and its limitations with your boss. For instance, NPU’s group policy covers all company notaries and the company itself. Our policy is for one year and covers any current and new notaries employed by the company who purchased the E&O Insurance. E&O Insurance is aptly named—be insured against any errors or omissions you may make during your notary commission. Notary Bonds and Notary Errors and Omissions Insurance are underwritten by Universal Surety of America and Western Surety.