Posted on May 17, 2014
Documents, paperwork and vital records drive business operations in today?s marketplace. With the large amounts of critical records generated both in paper and online, companies must dedicate significant time and resources to manage that paperwork.
So when a company losses important documents, what happens? Well, if there was no backup of the data or a client?s signature is no longer available, it can create a situation where the record can never be restored and financial loss results.
Fortunately, there is protection for situations where important documents are lost, damaged or destroyed. Valuable Papers insurance coverage will protect a company?s written records including such items as drawings, maps, deeds, manuscripts and books. Many of the documents vital to running a business would fall within the insurance?s protection. It will not, however, cover securities or money stored at a business location. This commercial insurance coverage will also pay for restoration or recreation of documents should they be lost or damaged
Many insurance companies now offer valuable papers coverage as part of business owner policies or as a specific endorsement to general property insurance. Business owners considering this coverage should determine whether their documents, business records, customer information and contracts need protection. If restoring lost documents would not require a lot of time or money, then this coverage might not be for you.
Many doctors, lawyers and accountants would have significant outlay of payment and resources in order to restore lost their client documents and business records so these types of companies would definitely benefit from valuable papers insurance. The best source for determining accurate coverage amounts and whether valuable papers insurance should be added to your protection program is your insurance broker or agent.