E & O Insurance for Notaries

What is E & O insurance, and how does it help a Notary Public? E & O insurance, or Errors and Omissions insurance, covers a Notary in the event of unintentional mistakes that cause injury to a third party – think of it as “malpractice” insurance for Notaries. Some of you might already know what E & O insurance is, and think that it does not apply to Notaries because they are bonded – a common misconception. A Notary bond protects the public and is something that must be repaid by the Notary, in the case of a claim. E & O insurance protects the Notary, and in the instance of a claim, the Notary is not expected to reimburse the insurance company.

What types of mistakes are covered by Errors and Omissions insurance? Inadvertent errors, such as failure to affix your Notarial seal, or to properly identify the signer(s), could subject you to be held liable for any losses. Intentional errors and poor judgment, of course, are not covered. If a claim is made against you, even if it has no validity, you would have the burden of paying court costs etc. in defending yourself, if you did not have E & O coverage. With an E&O policy, you would have no repayment and no minimum or maximum deductible would be required. Also, the attorney fees and court costs are covered, up to your policy limit.

Following are a few examples of the common types of Notary mistakes:

The Notary Stamp is smeared or smudged.
The Notary Stamp covers text or signatures.
The Notary Acknowledgement is worded incorrectly.
Notary stamp missing (yes, it happens).
The Notary’s commission number missing.

Many Notaries also perform loan signing services. In these cases, there is even more room for error such as:

Incorrect Notice of Right to Cancel dates.
Documents are missing signer’s initials.
Mistakes on the document(s) are corrected using white-out.
Notary did not correctly following closing instructions.
Loan Documents not returned in a timely manner.
Notary acknowledgement not completed, or completed improperly.
Notaries accepting personal checks over $500 (or over the amount allowed by State law).
Checks made out to the wrong company.

Though it may not be required by law, Errors and Omissions Insurance protects you against mistakes that can happen with any notarization. It only takes one mistake to potentially lose all of your hard earned money, and possibly even your business! Errors and Omissions insurance rates vary according to the State in which you are a practicing Notary, and the amount of coverage you decide to choose. In some States minimal coverage starts out at less than $10.00 per year with maximum coverage at $200.00 per year. Rates do vary greatly from State to State, however the costs are truly minimal considering the consequences should a claim arise. Considering the cost of E & O coverage, it is just foolish not protect yourself.

Guide To Insurance For UK Freelance Professionals

Professional indemnity insurance protects you against your legal liability for losses suffered by your customers as a result of your negligent advice. Professional Indemnity is legally required in certain professions, such as law, accountancy & financial services. It is common in other areas such as management and computer consultancy, publishing, engineering and design. If you give any advice which could make you liable, or if you are working in a collaborative arrangement, you should have a suitable professional indemnity policy.

Your professional indemnity policy should include retroactive cover, so that you are insured for any claims arising in the next 12 months, but also for your work or decisions back to the date you commenced trading. When you complete your proposal form, you will need to disclose any likelihood of a future claim, as the underwriters will want to protect themselves from taking on any current or known claim exposure.

Professional Indemnity Insurance works on a 'claim made' basis, and so when you cease trading, retire or take a permanent job, it is wise to purchase run off cover for at least 12 months after that in case a claim is made against you, after your policy has expired for work done previously.

The Employers Liability Act 1969 requires all employers, unless they are exempt, to have at least 5 million GBP of employers liability insurance with an approved insurer to protect them against claims from employees for accidents or sickness caused through work. In practice most insurers offer at least 10 mill GBP cover.

The law was amended with effect from 28 February 2005 to exempt very small companies that employ only their owner. As a freelance consultant or contractor operating outside IR35, however, you are likely to have a substitution clause in your contracts. Without employers liability insurance, you cannot fulfill this clause without breaking the law, so in practice you ought to have cover.

There are no hard and fast rules about who counts as your employee for the purposes of employers liability insurance. People who you many think of as self-employed may be considered as your employees for the purposes of employers liability insurance; what matters is the real relationship with the people who work for you and the degree of control you have over the work they do for you. Even part-time and casual staff may count as your employees.

Diamond Ring Insurance

If you are lucky enough to have received a diamond ring for engagement or just a gift or are considering purchasing one for someone then it is worth looking into insuring such a precious stone.

Many people forget the importance of insuring a diamond ring, what can be worse than falling in love with a ring and something happening to it, whether it is lost or damaged if the ring is not insured then the costs will have to be forfeited by the owner, If the diamond ring was expensive then you may find your self in a situation where you simply can not afford to replace or repair the ring.

Diamond ring insurance is not as simple as you may think, most insurance companies will not just cover the item on your normal policy, some may cover jewelry for theft but not for other circumstances where by the diamond ring has become lost or damaged.

Most insurance companies will allow you to purchase additional insurance for fine jewelry and your diamond ring however there are a few questions you should ask before taking out this addition to your existing policy.

1st and most importantly you will want to know how much the insurance will cost. It is also wise to ask how this will affect your policy should you need to make a claim for your diamond ring.

2nd ask if an appraisal needed to cover your diamond ring and if so would these need to be provided by yourself by specific appraiser or will your insurance company take care of this for you.

3rd ask if the diamond ring be covered for its full value or replacement cost and will this be in the form of a cash sum where by you would purchase the replacement ring yourself or will the insurance company replace the diamond ring themselves and send to you.

4th check if the diamond ring be covered wherever the damage or loss takes place, some insurance companies will only cover loss or damage within your own company so additional travel insurance may be needed if you were to go abroad.

5th will the insurance cover all repairs on the diamond ring and who will make any repair to the ring, some insurance companies have their own tradesmen who would make any repairs needed other insurance companies will ask for several estimates provided by yourself before you can go ahead and get the diamond ring repaired.

6th always ask about excess, this is a sum of money you will pay before anything is repaired or replaced, this is normally ascertained by the value of the ring, it is a very important aspect of insurance, you may find small repairs can be done without going through your insurance, some cases will show that it simply is not worth paying the excess to replace or repair your diamond ring depending on the excess figure.

Online Term Life Insurance Quotes in Less Time than it Takes to Brush Your Teeth

Online term life insurance quotes have played a dramatic role in driving down the cost of term life insurance rates. Why is this? Term life rates have decreased substantially due to the increased price transparency of the Internet, the highly competitive nature of the insurance industry, and the convenience of the online quoting process. All of these three factors have helped many Americans to find very affordable term life quotes online.

Price Transparency of the Internet

10-20 years ago shopping for term life insurance could be a gigantic hassle. When you consider that an appointment would need to be scheduled, illustrations would need to be prepared, and a sales presentation endured all simply to see some concrete numbers. (And that is not even taking into consideration the fact that it was next to impossible to compare more than two different companies side by side). Now with the price transparency of the Internet rates have dropped quite a bit as insurance shoppers can now just compare online price quotes in less time that it takes to brush your teeth.

Highly Competitive Nature of the Insurance Industry

The insurance industry is extremely competitive, especially in the area of term life insurance. With the exception of Return of Premium (ROP) term and a few other term insurance variations there is not really a whole lot of difference in one term life insurance policy versus another. Yes, you want to choose an insurance company that is rated an “A” or higher by AM Best for their financial strength and yes, you want a big company that you can trust but once those criteria are satisfied then term life insurance is a very commoditized product. This ability to compare “like to like” and “apples to apples” puts tremendous downward pressure on insurance companies to maintain competitive term life insurance rates.

Convenience of the Online Quoting Process

No appointment is necessary. No traveling is necessary. No sales presentation is necessary. No requirement to request information during standard 9-5 business hours is necessary. All of these positives are reasons why the online life insurance quoting process is fast becoming a preferred avenue for many Americans. You can now request life insurance quotes from multiple insurance companies and view some solid numbers from the comfort of your own home or office 24/7 – all in less time than it takes to brush your teeth!

How Small Businesses Can Offer Big Benefits

Small businesses are finding it increasingly difficult to offer a high quality, affordable employee benefits program to their employees.

But, if you are a small business owner or are in charge of the employee benefits program at a small business, do not worry. There are options available for you.

Over the past few years, more insurance carriers are offering more benefit options for the small business employer. These benefits are designed to accompany any "core" benefit plan options and will enable a small business to offer a complete benefits program to all of their employees.

By offering a basic "core benefit" offering which could include health and dental insurance coverage and combining it other supplemental or voluntary benefits, the employer can offer a competitive benefits program without breaking the bank. These benefits may have an employer contribution to assist in the cost of the benefit or they may be offered as an employee paid benefit only through payroll deduction or a combination on the two.

Some of the supplemental or voluntary benefit plan offerings include short and long term disability, life insurance, accident coverage, limited medical plan, dental and long term care insurance to name just a few.

The advantage for the small business is they maintain complete flexibility when it comes to the cost of the plan and how the cost will be divided. The advantage for the employee is they are allowed to pick and choose their own insurance/benefits program and pay only for the coverages they need. This creates a benefit program that is affordable to both the employer and the employee and allows both to stay within their respective budgets.

Some of the main features of supplemental or voluntary insurance plans is the small business receives simplified underwriting, a group rate to decrease costs and control in some plan designs features. The small business needs just two employees to qualify for this type of coverage.

These benefits can also be used for part time employees. As a small business continues to grow, the business can have an advantage when it enters into a growth phase and starts hiring part time employees which may turn into a full time employee. These employees can have a complete benefit program that can be carried over with them when they move into a full time position.

As keeping and attracting good quality employees becomes more and more difficult, offering a benefits program that includes voluntary, payroll deduct benefits can help employers retain and attract good quality employees at an affordable price.

NPI Number Individual or Group - Which One Do I Use?

There is so much talk about getting your NPI number. You must have it by May 23rd or your cash flow can be severely affected. Don’t wait till the last minute to get it because you will need to report it to all of the different insurance carriers. But if you had to apply for two NPI numbers, an individual one and a group one, which one do you use to submit claims?

Most insurance carriers including Medicare require the individual NPI number on the claim in box 33a. If you are doing paper claims, enter your individual NPI number in box 33a on the CMS 1500 form. If you also have a group NPI number, it should be placed in box 32a of the CMS 1500 form.

If you submit your insurance claims electronically you may need to test your claims once you have your NPI number loaded. For your paper claims, you need to update your software to be ready for the new CMS 1500 forms which allow for the reporting of the NPI number.

You may also be receiving requests from colleagues notifying you of their NPI number and asking for yours. It is necessary to share your NPI number with other medical service providers because when you refer a patient to another provider or if another provider refers a patient to you, you may need to include that provider’s NPI number on the claim form.

NPI numbers are here to stay so there is no use trying to avoid them. The more you learn about them, the easier it is to understand how to use them. The first step is to get one, so if you haven’t already obtained your NPI number, you really should do it immediately.

Mexican Auto Insurance Tips for Purchasing Online

There are several companies in Mexico for general as well as auto and other goods. The policies are high-yielding, secure and reliable. The returns are high. The premium is also low. The Mexicans live peaceful lives after insuring themselves and their goods, for example houses, cars, home appliances and the like. The coverage ranges from daily to annual. Even driving licenses may be insured. The business growth of the insurance companies has been astounding. Almost all started their business in small capacity, but over the years those have turned into giants having branch offices throughout the length and breadth of Mexico.

The Insurance Companies collect personal information such as the name of the Internet service provider and the Internet Protocol (IP) address through which you access the Internet. The Companies are committed to protecting the security of your personal information. They use a variety of security technologies and procedures to help protect your personal information from unauthorized access, use, or disclosure. For example, they store the personal information you provide on computer servers with limited access that are located in controlled facilities.

Additionally, when they transmit sensitive personal information (such as a credit card number) over the Internet, the companies protect it through the use of encryption, such as the Secure Socket Layer (SSL) protocol. All credit card transactions that take place with Insurance companies are provided by special net security which has its own private policy. The measure has been chosen to secure all the customer’s transactions due to the number of years that they have been providing this first class service. They provide the SAFE gateway to thousands of companies and have implemented security measures that cannot be duplicated by other sites.

The insurance companies may occasionally update the privacy statement. When they do, they will also revise the "Updated" date at the top of the privacy statement. The companies encourage customers to periodically review the privacy statement to stay informed about how the companies are helping to protect the personal information.

All said and done, it is always advisable that the people purchase insurance from a financially stronger insurer. There are over fifty insurance companies in Mexico, of which some are good and some are bad. According to the 1997 report of the Mexican insurance Commission, only two Mexican Insurance companies write over $400 million US in non-life premium (life insurance excluded). These companies are Grupo Nacional Provincial and Seguros Commercial America.

Buying a New Car? Pick the Safest and Save on Car Insurance

If you're going to be purchasing a new car in the near future, you may want to think about how the car is going to affect your car insurance rates. Believe it or not, the car you choose will definitely affect how low or high your car insurance rates will be, but you can choose a safer car to ensure that you get low rate car insurance that is affordable. The following are some of the safest cars that you can buy and purchasing a safer vehicle will result in great savings on your car insurance.

1. Volkswagen Passat - In 2006, the number one rated family sedan for safety was the Volkswagen Passat GLX, which has a V6 engine. This car provided excellent safety features designed by Volkswagen and tested out to be the safest car in the family sedan category. If you want a nice family car that is fairly inexpensive and also very safe for your family, this is a great choice!

2. Toyota Camry - Still in the class of family sedans, the Toyota Camry came in second place in 2006, right behind the Volkswagen Passat. The Camry is a bit cheaper than the Passat, and also comes with great safety features that make it one of the best choices if you want a car that is safe for your family.

3. Volkswagen Golf - If you are looking for a smaller car, but you still want great safety, you may want to consider the Volkswagen Golf as your next choice. In smaller cars, the Golf won the number one spot for safety with the great safety features offered by the Volkswagen automaker.

4. Honda Civic EX - Another smaller car that was high on the safety list, scoring number two, is the Honda Civic EX. Once again, this car is a bit more cost friendly than the Volkswagen Golf, and it still comes with excellent safety features that will keep you safe and help you get lower car insurance rates. If you are purchasing a car on a budget but want to make sure it has great safety features as well, then this car is an excellent buy.

5. Honda CR-V - If you are looking for a small SUV with a great safety rating, you may want to consider purchasing the Honda CR-V. While usually you will pay more to insure a SUV, the Honda CR-V provides safety features and a great safety rating that will help you save.

6. Toyota Highlander - If you want a larger SUV but you want to make sure the vehicle is safe, the Toyota highlander is a great choice. The Highlander is one of the cheaper SUV’s available and comes with a great safety rating that will have you driving with confidence.

When you're going to purchase a new car, you want to look at the cost of the car, but you also want to check out how much it will cost to insure your car as well. Picking a car that has a high safety rating and great safety features can save you a great deal of money on car insurance rates each year. Take control of your car insurance rates and purchase a vehicle that will keep you safe and help you find low rate car insurance.