What You Need to Know About Notary Public Liability Insurance

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What You Need to Know About Notary Public Liability Insurance

Oct 9, 2018 · 7 minutes to read

Any occupation where people put trust in your professional advice and services is prone to lawsuits and notaries are not an exception. Notary Public Liability insurance provides notaries financial cushion against errors, omissions, and negligent acts performed in your professional capacity.

As human beings, we are bound to make mistakes, both in our personal and professional lives. While we are free to deal with our personal mistakes in any way we want, in the professional world that is not an option, as aggrieved parties can rightfully initiate litigation against you for malpractice or negligence. That is why it is important for a notary professional to have insurance in place providing protection in the event of a lawsuit where financial expenses are reimbursed.

Why Do I Need Notary Public Liability Insurance?

Fundamentally, Notary Public Liability insurance provides protection to notaries against initiated claims. These claims can be related to their legal liability for personal or property damage occurring during the course of their business activities.

These potential liabilities can be shielded against a Public Notary Liability insurance policy. We live in a world where people file lawsuits for professional incompetence without giving it a second thought. That is why it is a proactive step as a professional notary to ensure they you are adequately protected against claims made by third parties. Moreover, if you are employing people, you become prone to the likelihood of a claim being made against you in respect of legal liabilities as an employer.

Professional Liability insurance protects you from claims raised due to unintentional mistakes made in the professional capacity.  If a claim is brought against you, without Professional Liability insurance in place, you do not have to bear all the legal expenses and fees to defend your case. If you do lose the case, you may need to pay thousands of dollars from your personal money creating a big setback for you in terms of managing your finances.

This is why it is another reason to be proactive about your professional liabilities and get the right insurance from a well-reputed firm to ensure you would not have to pay the cost of your professional mistakes out of your personal finances. Click here to find out more detail.

Peace of mind is something which you cannot put a price on. You know anything can go wrong anytime and without insurance, you must live with the fear and concerns of a claim being brought against you suddenly.

What Does Notary Public Liability Insurance Cover?

It should be noted that Notary Public Professional Liability insurance is not general insurance that covers mistakes and misdemeanours outside of the purview of your professional domain. If you are involved in an automobile accident, do not expect the notary liability insurance to cover the damage. It is strictly about insuring the mistakes you make in your professional capacity.

Moreover, a notary liability insurance will not pay for your intentional acts as well. If you have willfully notarized a document or a signature that is not legal or otherwise compromised, your insurance will not protect you. It will only pay for your negligent acts i.e. acts you have committed mistakenly. To summarize, the Notary Public Liability insurance will provide you protection against unintentional acts performed in the professional capacity.

Most Notaries Public make a salary which is slightly higher than the minimum wage. Working for that amount of money, no notary public should expose themselves to even an odd chance of a customer hitting them with a claim for damages. That is why it is important to have the cushion of insurance for your professional negligence which is bound to happen regardless of how careful you’re. The worst thing about odds are, sooner or later, they get to you.

How to Reduce the Chances of Professional Liability

Here are some ways to avoid Notary Public liability claims being filed against you.

  1. Never authenticate archives with clear spaces. A clear space where a financing cost or instalment sum ought to be is possibly deceitful. Ensure each space is filled in while legally approving a report. On the off chance that a clear space is planned in the record, guarantee that you make a note in your diary.
  2. Ensure every signature is taken with consent. Do not try to force anybody into signing something. On the off chance that the signature obtained is not consensual, the transaction could be voided or negated, bringing about potential financial liability claim.
  3. Keep up a diary. Make it a habit to record every transaction with complete details. This way you will have recorded evidence which will give clear confirmation of due diligence and substantiate that you do take after the accepted procedures of the profession.
  1. Know the cutoff points of your authority and where you should stop helping. Do not provide counsel, even informally. The public notary commission does not accompany the professional expertise to provide legal advice or select or draft legal documents for your customers. On the off chance that the legal guidance you give is inaccurate or incomplete, it can become a legitimate reason for a claim.
  2. Only notarize those signers who are there in flesh. There are no special cases to ensuring the person who is signing the document is available for the notary. Truth be told, in the event that you follow this instruction religiously, you will altogether lessen a substantial amount of risk. It is one of the top reasons why public notary professionals are sued or have their authority repudiated.
  3. Ensure you complete all notary certificates thoroughly and comprehensively. The facts you validate as a legal official are what is trusted upon by outsiders and, subsequently, ought to be clearly explained for better clarity and accuracy. At an absolute minimum, these authentications ought to contain the place, the names of the signatories, the date, and an assertion or affirmation document or statement.
  4. And of course, get yourself a comprehensive Notary Public Liability insurance. While each notarization is imperative, you may not generally know the consequences associated with each one. The liability protection will secure you once the document has been notarized.

 

Following these guidelines earnestly will go a long way in reducing the chances of any party bringing a legal claim against notary public practice. In a profession such as notary, it is all about mitigating and managing your risk. Putting best practices into actions means you are attempting to reduce your risk associated with your professional actions while purchasing Notary Public Liability insurance manages your risk once you have been subjected to it. With some professional diligence you can ensure you would not have to worry at all.

How Much Does Notary Public Liability Insurance Cost?

As discussed earlier, Notary Public Liability insurance covers a specific domain of professional negligence.

The Notary Public Liability insurance cost depends on a few factors including the nature of work a notary undertakes, the volume of work you manage annually, your past record, your expertise and overall experience, and whether there have been any claims made against you as a notary.

For affordable Notary Public Liability insurance, you can turn to BizInsure who have built a strong legacy of providing affordable insurance coverages

With an affordable and cost-effective Notary Public Liability insurance in place, you will not only have to pay for the legal expenses for the claims brought against your practice, but you will also have the peace of mind that in the event anything goes wrong, you have the financial cushion to fall back on.

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