How to Earn More as a Notary Public
Notary Publics are highly respected and entrusted with significant responsibility, serving as impartial witnesses to the signing of documents including deeds, power of attorneys, and mortgages. They are expected to be fastidious and careful in their work.
While some Notary Publics work full-time for larger firms, others run their own businesses or work part time. Whatever your work arrangement, you likely want to know if you’re being fairly compensated for your services. This article will cover typical financial expectations as well as some effective ways to increase your earnings.
Average Earnings for Notary Publics
Your salary is dependent on a wide variety of factors, but the average full-time Notary Public working in a bank, government agency, corporation, or law firm earns $32,593 per year. Some of the main criteria that can determine your earnings include your location and specialization.
Notary Public Salaries by State
Geographical location is one of the key factors determining earnings in any field, and Notary Publics are no different. Pay rates and costs of living vary widely throughout the country based on city, county, and state. It’s therefore not surprising that the average Notary Public income ranges from 20% below the American average income to 40% above it depending on the state.
The highest average in the country is $53,972 in New York state, which is significantly higher than the national average. Other places where it’s valuable to be a Notary Public include Irvine, California ($53,112) and Colorado Springs ($50,409). On the other hand, salaries are much lower in Washington state ($33,987) and Indiana ($33,716).
Earnings for Different Types of Notary Publics
There are two general categories of Notary Publics: stationary and mobile. Mobile Notary Publics are typically able to earn more money because stationary Notary Publics generally notarize as part of another job and simply get a higher salary as compensation for their skills.
Mobile Notary Public travel full-time to a variety of locations including businesses, government offices, and even client homes, where they serve as witnesses or authorize signatures. Most mobile Notary Public obtain a Signing Agent certification as part of their training. This increased investment in education allows them to earn more on average and work on more complicated real estate transactions.
How Can I Increase My Earnings?
Whether you’re a mobile or stationary Notary Public, you’re probably wondering how you can earn more money. Your main goal when attempting to increase your earnings should be to grow your business and your clientele. One of the easiest ways to accomplish this goal is simply to improve your networking.
If you’re interested in taking on a more active role in networking, you may want to start with the National Notary Association (NNA), American Society of Notaries (ASN), or American Association of Notaries (AAN). These groups will help you keep up with industry trends and find opportunities to market yourself.
There are also countless Notary workshops and conferences every year which will allow you to meet other people in your field. Print business cards and promotional pens that you can give out to anyone who may eventually need your services, especially those in banking, real estate, insurance, or law.
Protect Yourself from Professional Risk
While you’ll hopefully never need to use the coverage of an insurance policy, Notary Public Liability insurance is simply a common-sense investment for anyone in the field. Like any other professional who advises or counsels, Notary Publics face significant liability in their work, however this liability can be protected by reliable insurance.
You can have claims filed against you for even minor mistakes, and it’s impossible to know when an error will happen. Without insurance, you’ll be responsible for the cost of your own defense in addition to any settlements or verdicts against you. Insurance will help keep you and your business safe from what can be extremely high costs.
In order to protect your long-term reputation and finances, you’ll need to acquire Professional Liability (E&O) insurance. While the exact cost of a policy can varies widely depending on your location, the size of your firm, and any history of claims, the average premium ends up being roughly $700 per year—a small price to pay for robust protection.
If you’re interested in Notary Public insurance, go to BizInsure for a free, convenient, and accurate quote. They can help you compare your options and find what’s right for you and your business.
Notary Publics perform an important role, but their responsibility comes with significant liability. Notary Public Liability insurance is the best way to ensure that you don’t lose your earnings to allegations of negligence, keeping you and your business running smoothly even in a worst-case scenario.