If you are beginning to work as a notary, one of the questions you may have is whether you are required to carry notary insurance, also referred to as Errors & Omissions Insurance. This is a question that we at Lifetime Investments, serving the greater Mesa, AZ area, are often asked. Here is the answer to this question.
Are You Required to Carry Notary Insurance?
No. When you become a notary, you are required to put up what is known as a notary bond. If a mistake is made on one of the papers you are notarizing, the money to cover that mistake comes out of your notary bond. As such, you are not required to carry notary insurance, as the bond provides the legal minimum needed.
Why Should You Carry Notary Insurance?
The main reason why you should consider carrying notary insurance is because it offers you more protection than a notary bond. A notary bond is the minimum amount of coverage that you are required to have. But if the damages done by your error cause more monetary damage than the bond covers, you can be sued and have to pay this amount out of your own pocket. Notary insurance helps to provide you with a greater level of coverage in the event of an error or omission, helping you to protect your personal finances.
While it is not required by law, there are many benefits to purchasing and carrying notary insurance. If you are looking to buy notary insurance in the greater Mesa, AZ area, let Lifetime Investments help you. Contact us today to learn more about these policies or to get a price quote for the right policy for you.