Independent Notary have a crucial interest in protecting their livelihoods from unforeseen occurrences. Business consulting firm Small Business Authority offers a few suggestions that every small business owner should consider.
Business owner’s policy (BOP): A BOP is a good idea because it includes a wide range of coverage to meet the requirements of your business. You can include general liability coverage, vehicle protection, business interruption insurance and property insurance. It can save you money because it often costs less than buying separate policies.
Professional liability insurance: Also known as Errors and Omissionsinsurance, this kind of policy protects you from claims that arise from providing professional services, which often are not covered under your general liability policy. It is specifically recommended for Notaries, real estate agents, insurance agents and other service providers.
Data breach insurance:This is a fairly new area of coverage but is becoming ever more important. Any business that stores information about clients, customers or employees is responsible for protecting that information, whether it is stored electronically or in a journal of notarial acts. If someone were to get access to your journal, each entry could be considered a compromised record, depending on your state law. In recent years, small businesses have become prime targets for hackers because they lack the resources to create sophisticated data protection systems.