A notary bond is required with your application and our office will not process an application without a bond. A.R.S. § 41-315. Our office does not provide bonds.
A notary bond, also called a surety bond, is similar to an insurance policy. However, the key distinction is that the bond protects the public (whoever needs the document notarized) and not the actual notary.
To protect yourself, you also can look into purchasing Errors and Omissions Insurance ("E&O"). E&O policies protect you, the notary, and will repay the bond should someone make a claim against it. It is not mandatory to have E&O insurance when applying.
This distinction is hugely important because if someone makes a claim against your bond, you, the notary, must repay the difference back to the bonding company. Similarly, if you are taken to court, a judge can hold you to unlimited liability. Simply because you are bonded for $5,000 doesn't mean you will not be expected to repay more than $5,000.