Hello everyone, I’m just getting started, and wanted to know how much insurance coverage I should purchase? Any advice is much appreciated.
If you’re talking about Errors & Omissions (E&O) - that will be dependent upon your own circumstances, your state’s requirements (if any) and the requirements of the parties that hire you. If you get into loan signings, some companies have minimum requirements for E&O insurance in order to send you assignments.
That said, keep in mind that regular notary E&O only covers notarial errors…meaning the only thing covered is an error you make as a notary - if you get into loan signings and make mistakes getting the documents signed (missed signatures, dates, improper printing and signing, etc etc) it will NOT be covered unless it’s a notarial error. Remember, when you get into that you wear two hats - that of a notary and that of a signing agent. Only one hat is insured.
Good luck in your business and your decision
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Okay thank you for that information. What other insurance is needed or does that depend on my State?
Depends on your state, depends on your business plan; depends on how you organized (sole prop, LLC, incorporated); depends on how far your business will be expanded.
I would suggest you speak with a CPA for your best business organization options (or an attorney) then speak with an insurance agent about business liability policies.
Most of us self-employed notaries simply go with notary E&O - but not all - some have a very diversified business, being a notary only a part of it so a business liability policy coupled with an E&O policy would be a good combination.
Most want $100,000.00 of E&O.
Thanks so much for the responses.