Pennsylvania Notary Insurance Policy Information
Pennsylvania Notary Insurance. Notaries public are authorized in each state to serve as impartial witnesses to the signatures on important legal documents, such as wills, deeds, or powers-of-attorney. After the document is signed by a client, the notary also signs it and applies a seal to indicate that a notary has witnessed the signing and attested as to where it was signed in a particular location within the state. Some notaries also may take depositions or affidavits. Clients may come to the premises of a notary or the notary may travel to a client's location.
At times, notaries are part of larger operations such as law firms or part of an in-house service for a company. While notaries have very limited legal authority, some states require each to undergo special training, pass an exam, or both. Notaries cannot act outside their appointed state unless that state has a reciprocal agreement with another state
Notaries provide an invaluable services to the clients they serve. These professionals are appointed by the government to act as impartial witnesses to prevent acts of fraud during the signing of important documents.
Property deeds, marriage licenses, powers of attorneys, and wills are just some of the documents you are entrusted with as a notary. Should an error occur during the notarial process, you would be held legally responsible. You would also be responsible for any problems that arise at your office. To protect yourself from the risks that notaries face, it's important that you invest in the right type of Pennsylvania notary insurance coverage.
Why do notaries need commercial insurance and what type of policies should they carry? Below, you'll find the answers to these questions so that you can make sure you are properly protected.
Pennsylvania notary insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Notaries Need PA Notary Insurance?
As a notary, you are dedicated to upholding the duties that you have accepted to perform; however, despite your best efforts, mistakes can happen. There may be a time when you misread information presented on a document, you may enter the incorrect information on a document, or you could place your Notary seal in the incorrect location. In addition to errors that may occur with during the notarial process, there are other risks that you are exposed to as a notary.
A third-party could sustain an injury at your place of business or a member of your staff could sustain a work-related injury, for example; or, your office could be damaged in an act of nature or vandalism. When a catastrophe occurs, you are legally responsible for the damages, and those damages could cost you financially.
All it takes is one minor mistake, a fire, or a slip and fall to put you in serious financial turmoil. To protect your assets and yourself, it's important that you invest in the right type of Pennsylvania notary insurance policies. If you're properly insured, when a disaster strikes, your insurance company will come to the rescue and cover the financial damages. In other words, commercial insurance can save you from losing your assets.
In addition to providing you with financial protection, having the right type of Pennsylvania notary insurance coverage ensures that you are in compliance with the law. There are certain types of policies that notaries are mandated to carry. If you fail to have those coverages in place, you could lose your business - and possibly more.
What Type Of Insurance Do Notary Publics Require?
The type of Pennsylvania notary insurance you will require depends on several factors, including where you are located, whether or not you employ a staff, and the type of services you provide. With that said, there are specific coverages that every notary should have in place, including:
- Errors and Omissions - E&O, or professional liability insurance, will cover any legal expenses that you may incur if you make any errors during the notarial process. For example, if you place your seal in the wrong location on a document or you if you mix up notarial acts and a client files a lawsuit against you, E&O insurance will help to cover your legal expenses, as well as any damages that may be awarded to the plaintiff.
- Business Owners Policy - A business owner's policy (BOP) bundles two types of commercial insurance that you are required to carry: commercial general liability and commercial property coverage. With this policy, you'll be protected against third-party personal injury or property damage claims, as well as any damages that your office may sustain in an act of nature, vandalism, or theft.
- Cyber Liability - If you are every the victim of a cyberattack or a data breach, sensitive information could be lost or stolen. Cyber liability insurance will assist with costs that are associated with recovering data, as well as any lawsuits that may be filed against you.
- Workers' Compensation - If you employ a staff, you'll also need to invest in workers comp insurance. This policy covers medical expenses and lost wages in the event that an employee is injured on the job.
Pennsylvania Notary Public's Risks & Exposures
Premises liability exposure is low. To prevent slips and falls, all areas accessible to clients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. Off-premises, there is little interaction with clients except for signature and verification of identities.
Professional liability exposure is moderate. Failure to verify the identity of those signing legal documents could have a high financial impact. The accuracy, thoroughness, and fiduciary integrity of the notary are very important.
Workers compensation exposure is limited to that of an office. If work is done on a computer, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations. Off-site, notaries can be injured by slips and falls, in automobile accidents, or potentially by abusive clients.
Property exposures are generally limited to that of an office, although there may be some incidental storage or an area for minor service work. Ignition sources include electrical wiring, heating and air conditioning systems, wear, and overheating of equipment.
Crime exposures are minimal but can include employee dishonesty and fraud. Hazards increase without proper background checks and monitoring procedures. All job duties, such as ordering, billing and disbursing should be separate and reconciled on a regular basis. Receipts should be issued for any cash payments received.
Inland marine exposures are limited to valuable papers and records and the transport of the notary seal and other information and equipment that the notary may carry. Duplicates should be kept off-site to allow for re-creation in the event of a loss.
Business auto exposure is generally limited to hired and non-owned. If vehicles are provided to employees, there should be written procedures in place regarding personal use by employees and their family members. All drivers must have appropriate licenses and acceptable MVRs. Vehicles must be maintained, and records kept in a central location.
Pennsylvania Notary Insurance Coverage
To find out more about additional Pennsylvania notary insurance policies you might need and how much coverage you should invest in, speak to an broker that has experience with commercial insurance for notaries.
Pennsylvania Economic Business Outlook & Commercial Insurance Requirements
While you might have a fantastic idea for a business, if you aren't setting up shop in the right PA location, there's a good chance that you won't see the success that you hope to achieve. With that said, it's important that you have an understanding of the economic status of the state that you are thinking about doing business in. It's also important for you to know what type of rules and regulations regarding insurance are in place in that state.
If you are thinking about doing business in the Commonwealth of Pennsylvania, keep on reading to find out some valuable information that you can use to make the best choices for your operation.
Pennsylvania's Economy Now And Into The Future
In terms of the economy, Pennsylvania's future looks pretty bright. It boasts the sixth largest economy in the United States. It is also home to some of the largest private and public organizations in the nation, as per sales.
The job market is expected to see steady growth in Pennsylvania during the 2019 calendar year. That rate is expected to be 1 percent, which is a marked increase from previous years. This is largely due to the high pool of educated laborers that reside in the state. Currently the unemployment rate is 4.9 percent, which is on-par with the rest of the nation. It is believed that the unemployment rate will continue to drop as more jobs are added.
For business owners, there are several industries that will afford success. The food products industry, particularly related to agriculture, contributes largely to the state's economy. This is expected to continue moving forward throughout the 2019 calendar year. Other industries that are forecasted to see growth include:
- Printing & Publishing
If you are thinking about doing business in PA, working in one of these industries will likely afford you success.
Insurance Requirements For Businesses In Pennsylvania
The Pennsylvania Insurance Department regulates insurance in PA. Business owners are legally required to carry workers compensation insurance. This type of coverage is a must for any business that employs any W2 part-time or full-time employees, and for employees that are either hourly or salaried. You must also carry PA commercial auto insurance if you plan on using a vehicle to conduct anything related to your business.
While commercial liability insurance is not required in Pennsylvania, it is still a wise idea to invest in. This type of coverage will protect you from the cost of any lawsuits that could potentially arise.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Pennsylvania Notary insurance quote in Aliquippa, Allentown, Altoona, Ambridge, Baldwin, Beaver Falls, Bellevue, Berwick, Bethel Park, Bethlehem, Bloomsburg town, Bradford, Brentwood, Bristol, Brookhaven, Butler, Camp Hill, Canonsburg, Carbondale, Carlisle, Carnegie, Castle Shannon, Chambersburg, Chester, Coatesville, Collingdale, Columbia, Connellsville, Conshohocken, Darby, Dormont, Downingtown, Doylestown, DuBois, Dunmore, East Stroudsburg, Easton, Economy, Elizabethtown, Ellwood, Emmaus, Ephrata, Erie, Franklin Park, Gettysburg, Glenolden, Greensburg, Grove, Hanover, Harrisburg, Hatboro, Hazleton, Hermitage, Huntingdon, Indiana, Jeannette, Jefferson Hills, Johnstown, Kingston, Lancaster, Lansdale, Lansdowne, Latrobe, Lebanon, Lewistown, Lititz, Lock Haven, Lower Burrell, McKeesport, Meadville, Mechanicsburg, Middletown, Millersville, Milton, Monessen, Monroeville, Morrisville, Mount Joy, Munhall, Murrysville, Nanticoke, New Castle, New Cumberland, New Kensington, Norristown, Northampton, Oil, Old Forge, Palmyra, Perkasie, Philadelphia, Phoenixville, Pittsburgh, Pittston, Pleasant Hills, Plum, Pottstown, Pottsville, Quakertown, Reading, Ridley Park, Scranton, Shamokin, Sharon, St. Marys, State College, Sunbury, Swissvale, Tamaqua, Uniontown, Warren, Washington, Waynesboro, West Chester, West Mifflin, White Oak, Whitehall, Wilkes-Barre, Wilkinsburg, Williamsport, Wilson, Wyomissing, Yeadon, York and all other cities in PA - The Keystone State.
Also learn about Pennsylvania small business insurance requirements for general liability, business property, commercial auto & workers compensation including PA business insurance costs. Call us (267) 296-1099.