$1,000,000 of notary E&O insurance is becoming more common
It is not unusual to see a $1,000,000 limit of E&O insurance required before a notary can win a contract with an escrow company, a title company or a notary signing agency. In the past you may have seen very low limits attached to a notary bond purchase. Those policies were often $5,000, $10,000 or up to $50,000.
Low limits are not as widely accepted today
Notaries now find contracts that require $500,000 to $1,000,000 of E&O insurance. For an individual notary, and not a signing agency, the cost of a $1,000,000 limit is affordable. You can buy notary insurance online starting at around $250 a year. Price varies by location, availability and coverage options. That price often includes both general liability and professional liability on one policy. There is also an option to add data breach insurance, which some people call cyber liability.
Signing agencies buy higher limits
A notary signing agency is responsible for many more notarizations than an individual notary, so a higher limit makes sense. Limits from $2,000,000 to $10,000,000 are available. Signing agency insurance may start around $600, and the price usually varies with the gross receipts of the business.
We cannot tell you how much E&O insurance you need to protect yourself or your business, because that depends on your own situation. What we can tell you is that you may need a minimum amount of insurance before certain companies will give you work.