Notary Bonds: Essential Information and How to Obtain One
What is a Notary Bond?
A notary bond is a type of surety bond that notaries public are required to purchase to protect the public from financial harm due to any errors, omissions, or wrongful acts they might commit while performing their duties. Essentially, it acts as a financial guarantee that the notary will adhere to the law and perform their duties ethically.
Purpose of a Notary Bond
The primary purpose of a notary bond is to protect the public. If a notary makes a mistake or engages in misconduct, the bond can be used to compensate the affected parties. The notary public is responsible for reimbursing the insurance company for any losses incurred. It’s important to understand the rules and regulations of each state in which you work.
Notary Bond Requirements
Many states in the U.S. require notaries to obtain a bond before they can be commissioned. The bond amounts vary by state, ranging from as low as $500 to as high as $25,000.
Michigan Notary Bond
If you are looking to obtain a Michigan Notary Bond, we can help. Michigan requires a $10,000 Notary Bond that will cover you for 6-7 years. These bonds can also come with an Errors & Omissions Policy. We can issue most of these bonds over the phone in minutes.
Notary Public Errors & Omissions Insurance
Most Notary Bonds come with a Notary E&O Policy. Sometimes, you may need to purchase additional insurance if it is not enough to work with a company to be a Notary. You may be asking yourself, what is Errors & Omissions Insurance and why do I need it? Notary Public Errors and Omissions Insurance safeguards you against costly and time-consuming lawsuits. Even if the basis of the suit is without merit, you could still face a costly legal bill for defending yourself. If you are uninsured, you’ll pay those defense costs out of your own pocket, win or lose.
We can issue E&O Insurance policies for Notaries as a stand-alone policy separate from your bond. Rates vary by state, the length of the term, and the limits you need. They can be under $100 for policies as short as 3 years.
States Requiring a Notary Bond
The following states require notary bonds: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Missouri, Mississippi, Montana, North Dakota, Nebraska, New Mexico, Nevada, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Washington, Washington DC, Wisconsin, and Wyoming. We can write your bond in all of these locations.
Call us to purchase your Notary Bond today at 866-451-4222.