To learn exactly what E&O insurance is and why notary loan signing agents need it, watch the quick and informational video below.
E&O insurance stands for errors and omissions insurance.
It is liability coverage that is created to protect the notary loan signing agent’s personal and professional assets if a mistake is made during the notarial process that causes the client to suffer financial loss.
Even if you don’t plan on making any mistakes in your business, the loan signing process is complex and accidents do happen. As notary publics first and foremost, loan signing agents can be held personally responsible for any claims or lawsuits that could result from an unintentional error.
E&O will cover the costs of these proceedings up to your policy limit in the event a serious mistake is ever made during the loan signing process.
E&O is generally very affordable… only costing a couple hundred dollars or less per year.
To learn more helpful tips about building an efficient and profitable loan signing business, click on the link below to become a Loan Signing System student today!