Posts Tagged ‘errors and omissions insurance’
Errors And Omissions Coverage Is For Professionals
Any person who has a company where professional service is offered can be accountable for mistakes they make. So that you are protected, errors and omissions liability insurance is a must.
Notary publics should be sure that they also carry errors and omissions coverage since this kind of coverage offers protection in the event of you committing a mistake in your professional work.
Notaries often verify autographs for multi-million dollar property contracts. In a nation where the resolution to most problems tends to be a lawsuit, one cannot take any chances for this kind of land dealing which has turned bad. You were simply doing your assigned job as a notary public.
Identity theft is quickly turning into a growing problem these days. Identity thieves are so good that he or she could have government circulated driver licenses containing their photograph on it. In one such example, the notary was taken to court by both the property holder as well as the bank, even though the notary public had followed all of the right steps to verify a signature.
A lot of notaries are under the mistaken impression that their employers insurance coverage, or their bond, covers him or her when an error or omission is made which is why it is important to purchase the correct liability insurance quotes. The notary commission belongs to a person and not to the business. As a result, you can be taken to court as an individual and on a private level for any error, whether deemed real or perceived, made made on the job. A few notaries have been forced to file personal bankruptcy just because he or she was being sued.
A better way is to purchase errors and omissions insurance. The insurance company will provide attorneys for your defense as well as will provide you with the amount agreed upon when the insurance for small business was bought.
It is easy to commit errors, with zero intent to defraud. Diligent notary publics might, at times, be duped through a forged identity, or even a government written ID. Dont allow someone elses lying ruin your personal life.