No matter what type of business you operate, the size of the business, or the number of clients you have, your paperwork and records are valuable. You may not even realize the full extent of your valuable documents, but you have a variety of important papers ranging from invoices and client records to medical records to crucial contracts. If an unforeseen event should occur — like a fire, flood, or natural disaster — what would be the cost of losing all of this paperwork? The loss and damage could be colossal, as is the amount of money to replace the lost documents. This is why valuable papers business insurance coverage is importance to any business, large or small.
What are typical valuable papers?
Even if you’re a predominantly paperless company, you likely still have some valuable papers to sift through, manage, and maintain day in and day out. These may include contracts, invoices, drawings, films, customer contact information, manuscripts, customer and employee records, tax information, deeds, medical records, and other types of files. Unfortunately, any type of paper documents you use for your company operations has the potential of being lost, stolen, or damaged due to unexpected happenstances.
What is Valuable Papers Insurance Coverage?
Valuable papers insurance coverage is a type of business insurance policy that offers financial coverage or assistance in replacing your valuable paperwork, should it get lost, stolen, or destroyed. For example, if there is a natural disaster in your area that destroys the majority of your invoices, customer information, and contracts with clients, you’ll be faced with the task of replacing such valuable papers, which can not only be time consuming but cost a pretty penny. If you had valuable papers insurance coverage, it would cover the cash value of the damage or the cost of replacing the valuable papers.
What does Valuable Papers Insurance Cover?
While each valuable papers insurance coverage policy may vary in terms of what’s covered, the basic concept is the same; you receive assistance in replacing or handling the financial implications of lost, stolen, or damaged valuable papers. Overall, valuable papers insurance coverage will cover any type of document that was printed, written, or inscribed. Some types of businesses will have a higher level of monetary coverage because of the type of valuable papers they have — such as physicians who have medical records and lawyers who have contracts.
When dealing with your valuable documents and paperwork, you should always have a back-up plan to secure and store them such as backing up your papers on electric files, keeping them in fire-proof storage containers, and keeping copies of your papers off-site. However, while this helps you to secure the valuable papers as much as possible, you still need additional insurance coverage due to the many unanticipated events which can occur. Valuable papers insurance coverage expands on the protection of your documents and paperwork and can keep you from financial hardship as a result of loss, theft, or damage.