Those individuals which own a business that offers professional assistance to the masses may be accountable for errors and omissions. To cover your assets, you need errors omissions insurance.
Notaries public should be sure that they too carry errors and omissions insurance since this kind of insurance offers protection in the event of you making an error in your professional work.
Notaries very frequently validate signatures for high value real estate contracts. Since we exist in a litigious society, you cannot take any risks for any type of real estate transaction that has gone sour. You were just doing your assigned job as a notary public.
Identity theft is quickly turning into a growing problem these days. ID thieves have become so good that he or she may possess state circulated drivers licenses containing their photograph on it. In one such example, the notary was taken to court by both parties involved, even though the notary public had taken all of the correct procedures in order to identify a signature.
Notaries make the improper assumption they have insurance under their company, therefore it is vital to get the correct employers liability insurance. The notary commission is assigned to a person and doesn’t belong to the business. Therefore, you may be sued as a person as well as on a private charge for any mistake, whether deemed real or perceived, committed in the performance of your duty. Some notary publics have had to file personal bankruptcy due to a lawsuit.
A better way is to purchase errors and omissions insurance coverage. The coverage will give you attorneys for your defense as well as will pay up to the amount agreed upon when the insurance for small business was bought.
It is easy to make a mistake, with no desire to defraud. Diligent notary publics might, at times, be duped via a forged character, or even a government written ID. Do not let another person’s dishonesty ruin your private existence.