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Aug 15, 2023
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Notary New York
If you want to become a notary public, you may be asking, do I need notary insurance? Well, it is a good idea. There are different types of insurance to investigate. The two types you should be aware of are Errors and Omissions Insurance and a Notary Bond. Some states require notaries to have a notary bond. But, New York State does not. Let’s outline these two types of notary insurance.
The Notary Bond
Also called a Notary Surety Bond, it is usually purchased from a Surety Bond Company. You may also find this type of bond through many insurance companies. The bond essentially protects the public from potential financial damage. So, as a notary, you perform a wrongful action when executing your service. If that action caused financial harm to the constituent, the bonding company will pay damages to the injured party. The key here is not to assume that you are covered by your employer. The notary bond protects the constituent, not to protect the notary. Since a notary is subject to liability, you should look into Errors and Omissions Insurance.
Errors and Omissions Insurance
Unlike a Notary Bond, Errors and Omissions Insurance protects the notary. So, it is basically personal liability insurance. This insurance covers honest mistakes made by the notary. It also covers you if your signature becomes forged on a document. If you become unjustly named in a legal proceeding, E&O insurance will cover that. This insurance will help you pay your legal fees, and court fees, up to the amount of insurance you purchase.
The important thing is to protect your customers as well as yourself. If you are already a notary and looking for insurance, we recommend visiting Bizinsure.com and seeing what they have to offer. However, there are many insurance companies you can examine.
We write these articles as informational tips for anyone who wants to become a notary public in New York. We specialize in preparing you to pass the New York State Notary Exam. To read more of our articles, or evaluate our notary course, visit our homepage.