Notary Office Insurance

As a public officer, your business revolves around serving members of the public with non-contentious matters, which are most commonly concerned with general financial transactions, deeds, estates, power-of-attorney, and international business.

And as such - a single mistake can give your client the motive to file a claim or a lawsuit against your business if you haven’t served in their best interest or have lost them money.

That’s why getting notaries insurance is essential in not only making dealing with such unfortunate circumstances a whole lot less stressful but it will also free your business from any financial liabilities.

The cost of insurance you’ll be expected to pay for your notary business will depend on a number of factors including the size of your business, the clients you work with, the services you offer, and other similar variables to the ones listed below.

To give you an idea, the average notary business in the U.S pays around $40 every month for business owner’s insurance, which totals around $480 per year. This policy combines general liability insurance and commercial property insurance.

General liability insurance costs the average notary business in the U.S. around $30 per month or $360 per year. This insurance will provide your business with cover against claims and lawsuits related to property damage and third-party injuries.

As a notary business, professional mistakes are likely to be the most common reason behind any lawsuits or claims your company will face. And to protect your business from such unfortunate events - professional liability insurance will be necessary. This will cost you around $70 per month or $840 per year.

If your notary business employs any staff, worker’s compensation insurance will be needed. This policy will cost you around $50 per month or $600 per year. It provides financial cover in case one of your staff gets injured or falls sick at work.

Since notaries deal with sensitive information every day, they are the prime targets for cybersecurity attacks. Cyber liability insurance costs $140 per month, or about $1,680 annually and protects your business in case you get sued in the event of a data breach.

There are several different insurances available for notaries in the U.S. Generally speaking, the insurance you need for your business will heavily depend on what clients you work with, the state you operate out of, whether or not you employ any staff, and other similar factors like the ones mentioned above.

Below, you can explore some of the most popular notaries insurance policies:

Professionals operating in the legal business must always have insurance in place. One of the biggest reasons why is purely to protect their financial standing in case they get sued or a claim is made against them.

For instance, if one of the staff in your notary office makes a mistake, which ends up costing your clients a lot of money - the client can hold you accountable, and without insurance, your notary firm will be the one that has to pay compensation out of pocket.

When you have insurance, however, the insurance company will step in and take care of all the costs associated with the accident.

In some states, notary firms are legally required to take out a certain level of cover before they can serve the public and sell their services. This is done with the aim of protecting everyone involved in dealing with your business.

Either way, protecting your business with insurance is a great way of not only preserving your finances but also making the dealing with lawsuits and claims a much easier, less stressful, and smoother process.