Many Professionals Need Errors And Omissions Insurance
Any business that provides professional services should have errors & omissions insurance to protect their personal assets.
Any business that provides professional services should have errors & omissions insurance to protect their personal assets.
One overlooked person for whom such insurance is vital, is the notary. Errors & omissions insurance covers the notary in case of a professional mistake. The policy even may cover the notary in the event of someone presenting false documentation.
Notaries are often verifying signatures for multi-million dollar real estate deals. In a world where the answer to any problem is a law suit, you cannot afford to be found liable for this type of land dealing that has turned sour. You were simply doing your assigned duty as a notary.
Notaries have been sued for notarizing documents that were signed by persons who had stolen the identity of another person. Even though the notary saw the state issued driver's license, the homeowner and bank involved in the case sued the notary. By having errors and omissions insurance, the notary is covered in such events.
Many notaries are under the mistaken impression that their employers insurance or their bond will cover them when an error or omission is made. The notary commission belongs to a person and not to the company. Therefore, you can be sued as a person and on a personal level for any mistake real or perceived, made in the performance of your duty. Some notaries have had to file personal bankruptcy due to a lawsuit.
Having errors and omissions insurance means that the insurance company will provide attorneys needed in any lawsuit and will pay up to the specified amount of the insurance policy for the loss of a company by your error or omission.
It is easy to make a mistake, with not desire to defraud. Diligent notaries may sometimes be fooled through a forged identity or even a state issued identification. Do not let another person's dishonesty destroy your personal life.
Any business that provides professional services should have errors & omissions insurance to protect their personal assets.
One overlooked person for whom such insurance is vital, is the notary. Errors & omissions insurance covers the notary in case of a professional mistake. The policy even may cover the notary in the event of someone presenting false documentation.
Notaries are often verifying signatures for multi-million dollar real estate deals. In a world where the answer to any problem is a law suit, you cannot afford to be found liable for this type of land dealing that has turned sour. You were simply doing your assigned duty as a notary.
Notaries have been sued for notarizing documents that were signed by persons who had stolen the identity of another person. Even though the notary saw the state issued driver's license, the homeowner and bank involved in the case sued the notary. By having errors and omissions insurance, the notary is covered in such events.
Many notaries are under the mistaken impression that their employers insurance or their bond will cover them when an error or omission is made. The notary commission belongs to a person and not to the company. Therefore, you can be sued as a person and on a personal level for any mistake real or perceived, made in the performance of your duty. Some notaries have had to file personal bankruptcy due to a lawsuit.
Having errors and omissions insurance means that the insurance company will provide attorneys needed in any lawsuit and will pay up to the specified amount of the insurance policy for the loss of a company by your error or omission.
It is easy to make a mistake, with not desire to defraud. Diligent notaries may sometimes be fooled through a forged identity or even a state issued identification. Do not let another person's dishonesty destroy your personal life.
About the Author:
As an entrepreneur, you need to get a small business insurance quote. If you are a professional, consider errors and omissions insurance to protect yourself against mistakes.