$1,000,000 of Notary E&O Insurance is becoming more common.
It is not uncommon to see a $1,000,000 limit of E&O insurance (or errors and omissions insurance) be required for notaties to get contracts with escrow companies, title companies, and notary signing agencies. In the past, you may have seen very low limits of E&O insurance that were part attached to notary bond purchases. You may have seen policies for $5,000, $10,000 or even up to $50,000.
Today, low amounts of notary E&O insurance are not as widely accepted.
Notaries are finding themselves in situations with contracts that require that they carry $500,000 to $1,000,000 of E&O insurance. Fortunately, for an individual notary (not a notary signing agency), the cost of $1,000,000 of notary E&O insurance is actually very affordable. You can buy notary insurance online starting at around $200 a year and it includes both general liability and professional liability (E&O insurance) on a single policy. There is even an option to add data breach insurance (sometimes called cyber liability)
Notary signing agencies buy higher limits of E&O insurance.
For a notary signing agency, it is logical to want to purchase more insurance because you are responsible for many more notarizations than an individual notary. Higher limits of errors and omissions insurance, such as $2,000,000 to $10,000,000 are available. Notary signing agency insurance may start around $600, and it usually varies based on the gross receipts of the business.
An important note to remember is that we cannot tell you how much E&O insurance that you need to protect yourself or your business because that depends on your personal situation. On the other hand, you may need to buy a minimum amount of insurance to get work with certain companies.
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