Real Estate Notary
So technically as a Notary Public… insurance is not required.
That is what the Notary Bond or Surety Bond is for.
When it comes to being a Real Estate Notary or Notary Signing Agent, insurance is required. Please read along!
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Many companies will not hire you as a Real Estate Notary unless you have 25-100K of E&O or Errors and Omissions Insurance.
I’ve done over 8,000 closings, and never had any issues with insurance! So even though I know what I am doing, why do I still have it?..
Having a certain type of insurance opens MORE DOORS for you as a Real Estate Notary!
Without the right type of insurance, you will NOT get as many calls, guaranteed! Its a requirement in the lending industry.
I recommend a 100K E&O policy and mine is less than $75 for the entire year. Very affordable! $6 a month to be able to do loan signings and make $75-$175 each. That’s a deal!
There was a time where I started working on some BIG time clients. They had very strict “lender requirements” and I carried a hefty expensive 500K insurance policy, as that was the “entry fee” to be able to work with them at all.
Turns out they were not truthful about how much business they would send over and I was stuck paying a much larger premium every month with no orders in sight.
Not a great deal for me or any Real Estate Notary!
So what did I do?
Change the channel with the company!
Just like I teach in my course… (and get back to my less expensive 100K policy). Business is about making decisions as a Real Estate Notary and developing relationships with people. These are people who know you are going to provide a high quality of work and understand it’s OK to expect the same. Raise your standards, and help lift people higher along the way, you won’t regret it!
Learn more about being a Real Estate Notary in our Webinar & Free Training Masterclass!
Anyway back to insurance with being a Real Estate Notary…
There are TWO different types of policies.
Full disclosure I am NOT an insurance rep! So be sure to take my guidance and follow the process I specifically say while getting setup in my Blueprint Course.
1 Claims-Made E&O policies – A claims-made policy means the claim must occur AND be reported during the policy period. Once the policy expires, it no longer provides coverage, even for errors originally occurring during the policy period. In order for coverage to continue, the policy must stay in force.
2 Occurrence-Based policies – this is when companies provide coverage for errors that take place during your policies term, almost regardless of when they reported.
The E&O Insurance protects you for many reasons on your journey as a Notary Signing Agent and Real Estate Notary.
It’s not exactly expensive, and the peace of mind is worth it! If you want to get paid the absolute most, insurance is a requirement to work with many companies!
Read more about the benefits of being a Real Estate Notary!
Many companies will tell you exactly what they need to work with them at all, and most of the time E&O insurance is something they need to have on file before sending ANY work your way!
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