Notaries serve the public by attesting, certifying or declaring that documents or signatures are true. Notaries may have their own offices or work in law firms or as in-house services for companies. Notaries also administer statutory declarations and oaths. We tailor General Liability, Errors & Omissions, Property, Business Auto and other insurance policies to cover your professional liabilities.
Since the public’s interaction with notaries at their offices is limited, there is a very light risk of an injury occurring on-site. However, delivery or maintenance persons who make regular visits are at risk for falls and other accidents on your premises.
Since the papers that are attested to and signed by notaries can largely impact clients financially, mistakes made by notaries could result in serious lawsuits. A notary has unlimited financial liability if he/she causes the public harm as a result of an error or omission. E&O Insurance would cover the costs associated with defending against claims of negligence or poorly executed work. For instance, a client’s tax documents need notarized and submitted by a specified deadline to prevent being charged high penalties and fees. If you missed the deadline, the client could sue you to recoup the amount he was penalized.
Worker’s compensation insurance is required for most businesses with employees. Any employee could trip and fall or suffer back strain lifting heavy objects while at work and seriously injure him or herself. The medical bills associated with even a minor accident could mean a serious financial setback for a small company. Worker’s Compensation covers the medical costs incurred as well as any lost wages associated with the injury.
If you drive your vehicle for notary business purposes, your personal auto insurance may not cover its use for commercial purposes. For instance, you may need to drive you car to notarize documents for a real estate transaction at an attorney’s office. If you hit another vehicle on the way, your claim could be denied since you were driving for business purposes. A Business Auto policy would cover such an accident.
Property loss risks are typically light for notaries and consist of property risks associated with a general office. Severe weather, fire, and faulty plumbing or electrical systems can cause serious damage to property. For instance, an electrical fire could damage office equipment, security alarms and paper files. If the fire were large enough that water hoses were used to extinguish the flames, carpets, furniture and other property would also likely be damaged. Property Insurance covers the cost of repairs/replacement of the damaged property.
A criminal concern for notaries is dishonest employees who have the potential to steal money from their employer. Loss of money or securities by embezzlement or theft of goods by employees is covered by Crime Insurance.