I am starting with this because I know some don’t like to read and others are really busy. https://coversmart.org/topnotaries (for OR, CA, ID, CO, AZ). Call 877-203-8576 for all other expect WA, AK, WV, HI, MT, VT and LA; where they do not cover.
Now please read the rest. Find out why I chose this company.
Repeatedly, new notaries hit the social media pages asking what insurance other notaries’ have and at what dollar coverage limits. This question is understandable as it is a big decision. Many new notaries are starting their first entrepreneurial venture, and like most, start-up and overhead cost are a consideration. There is one consideration that should not be short sided. That is INSURANCE. It is typical for new notaries to first join the National Notary Association. The NNA markets their membership, a directory listing, training courses, books and insurance. The majority of their products are comprehensive, yet after, I purchased their insurance offer, I discovered it is deficient for my needs. Having read the actual policy, I learned that the insurance offered through NNA from Merchants Bonding Group only provides coverage for Errors and Omission when doing Notarial Acts. What does this mean you may ask? If a notary performs duties at a Notary Signing Agent, also known as a Loan Signing Agent, they would not have E & O coverage while performing in that capacity.
So what insurance coverage do you need as a NSA/LSA? As most know E & O also known as Personal /Professional coverage seems to be required by most if not all signing services or title companies. Yet, I would ask you to consider further coverage. Imagine this…you walking into a house to do a loan signing and silently admire what appears to be a decretive ostrich egg. Upon your departure, your bag falls and hits that egg breaking it into pieces. The homeowner screams, “YOU BROKE MY FABERGE EGG”, to the tune of $33 million. You are a notary not an antique appraiser. The homeowner is going to sue you. Your E &O covers you for mistakes not broken things. You will need an attorney and someone to authenticate that broken decoration. An attorney will probably cost you $100-$500 an hour. They will have to hire an appraiser whom you will need to testify in court and that will cost you more money. Of course this is an exaggerated example, but you should see how easy a tragedy could happen that could put you in a bind.
Here is a less extreme example that could actually happen. You go to a home to conduct a loan signing. You leave your business card when you leave. Later that evening while you are at home relaxing, there is a knock at your door. The police are at your door telling you that the person you met with has accused you of abuse and molestation and you are being taken in for questioning. YOU will need an attorney. Your E & O will not cover this. By the why, you did not get a chance to remove the driver’s license pictures off your phone that were taken throughout the day, and your phone was hacked. Those people suffered loss from the identity thief and somehow it has been traced back to you.
I hope by now you understand the big picture. I have a smart solution. Two months of research dropped me into a rabbit hole and I came out with CoverSmart. They offer insure in a number of sole operator businesses like event planners, yoga teachers, photographers and such. For under $300, I and my business get insured for a year with E &O, General Liability, Abuse and Molestation, Privacy Breach and more, up to ONE MILLION DOLLARS.
It is the best coverage and the best price I have found. I asked a lot of questions as the price seemed too good to be true. Don’t just take my word for it. We don’t know each other. Do your own research if you need to. The application is online, for some states, keeping prices lower. When you get your policy, READ IT. If you don’t like it, ask for a refund of unused days. BTY… I am not being paid for this endorsement. Believe me I asked. Yet if you feel like it, tell them you read Zenful Life Living’s blog about them. I am sharing this because as notaries, we are all out here trying to keep food on our tables, so to speak and I always hope for good karma.