If you have a business where your provide professional services, you should talk with your insurance agent about errors & omissions insurance.

One person that should make sure that they have errors and omissions insurance is a notary public. This insurance will cover you if you make a mistake 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.

Anyone can file a lawsuit against you for any reason. The legal fees can become overwhelming. In one case a notary was sued for notarizing a document for identity thieves. The ID thieves had state issued drivers licenses with their pictures. The bank and homeowner sued the notary for errors and omissions. This insurance will cover legal charges as well as the specified amount of any losses.

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.

Having errors and omissions insurance means that the insurance company will provide attorneys needed in any lawsuit and will pay up to the specified amount of the insurance policy for the loss of a company by your error or omission.

Errors can be easily made, with no intent to defraud anyone. Even diligent notaries can be fooled by forged identities or by state issued identification cards that have been obtained under false pretenses. Do not let someone else’s dishonesty ruin 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.


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Filed under: Home Based Business

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