A business or individual that provides professional services should consider carrying errors and omissions insurance. This coverage protects clients and customers in case the service provider causes them to suffer a monetary loss due to negligence or due to an error during the course of providing the service. Errors and omissions insurance will offer your business protection in case you are sued due to your error, which is a possibility no matter how careful you are when you provide professional services.

On example of a company that could use E&O insurance is a notary public. A notary public witnesses signatures, administers oaths and does other activities as a state appointed individual, and as such, has the task of verifying items such as signatures are accurate and truthful. E&O insurance is a wise coverage for a notary to consider in case they make a mistake that causes financial harm to come to someone.

A notary is often times witness to a contract signing of real estate deals, or other large transactions, in which a false signature can result in a substantial monetary loss. Errors and omissions insurance, also known as professional liability insurance, can protect the notary in the case of a mistake in identity which nullifies a contract. Consider professional liability coverage for cases where, as a professional, a mistake you make can cause others financial damage.

A large problem today is identity theft, which a notary public must deal with on a daily basis. Even if they try to do their best to combat this problem, a notary may let an identity thief pose as someone else, causing a signature to be invalid.

Many people acting as notaries mistakenly think that their commercial general liability insurance policy will cover any mistakes they make while acting as a notary. This is just not the case as most comprehensive general liability insurance policies will specifically exclude this kind of loss, which makes the need for errors and omissions insurance coverage that much more important.

A notary is just one example of many in which a company or individual should consider professional liability coverage. If you are in the position to cause financial harm to clients or customers while performing a professional service, then you really should consider buying an errors and omissions insurance policy. Despite your best intentions, you are only human and prone to making mistakes that can cause financial damage. Do not find yourself without the protection you need – purchase EO insurance coverage today!

Related posts:

1. Errors and Omissions Insurance
2. Professional Liability Insurance