Reply by Mitch_MD on 9/2/05 2:47pm
Msg #63527
I realize some aren't terribly interested in the insurance aspects of this business, but this is what I have:
- Notary E&O Insurance (every notary should have this at a minimum, amount varies)
- Title Agent E&O (real smart if your in a TIP state like Maryland, as there is little in the way of overlap with the Notary E&O, amount varies)
- Surety Bond (required in some states, amount varies)
- Business Owners Policy (BOP, amount varies)
- Business rating on your personal auto policy (cheaper than commercial auto, amount varies)
- Worker's Comp (amount varies)
For anyone interested in Maryland coverage, I have a contact that offered cheaper pricing than what I had quoted from other sources in the region. Also, the carrier he deals with on the surety bond will cover you by simply reviewing your credit rating (as long as it's good), rather than the really intrusive financial questions that other carriers require you to submit. The less people I have accessing my financial detailed info, the better I like it.
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Reply by Barry Silver on 9/2/05 4:57pm
Msg #63544
This is a matter of personal choice. Some people have an Umbrella policy, which is liability coverage above and beyond what homeowner's and auto offers. It allows for a broad range of coverage. If you are interested, you should probably speak with an insurance agent who presently writes your polices, or look into it and see if it's something you think you need.
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