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Professional Liability For Notary Public
A notary public provides important services to his or her community. Depending upon how your business is configured, your services may be needed only occasionally or you may have brisk business every day. When customers come to you with paperwork that needs notarized, they depend heavily on you knowing exactly what needs to be done. Any mistakes in the process can lead to legal problems and monetary losses for all parties involved. That's why it's important for you to carry notary public professional liability insurance.
Notary public professional liability insurance is another name for E & O coverage, or errors and omissions. This insurance is designed to protect you from suffering legally and financially if you make a professional mistake when performing your notary services. Even if you do not make a mistake, this insurance protects you when customers claim that you did.
For example, a customer may bring an owner financing contract to you to have notarized, so that they can get the paperwork filed properly with their county authorities. If you forget to sign or date the paperwork next to your seal, that customer may lose his deposit, lose the land entirely, or be subjected to a penalty at the county courthouse. He may sue you for those losses and damages. Without notary public professional liability insurance, you would be faced with paying your own legal defense expenses and associated costs.
Depending upon the details of your notary public professional liability insurance policy, this coverage will pay for your legal defense costs. It can also pay you for lost wages if you must spend time away from work while defending against a lawsuit. It also pays customer settlements or awards when needed.