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You may be relying less and less on hard copies of your valuable papers and records and transitioning to electronic filling instead. Even so, your hard
copies still need to be protected in case you experience a catastrophic loss, like a fire or a natural disaster. Although you may have some existing coverage for valuable papers with a personal property form or standard business owners policy, this coverage is fairly limited and may not be adequate to meet your needs. This is where valuable papers and records coverage can help you rebuild your business after a loss. To put it into perspective, analyze your business needs and see what it would cost to replace your record: * Would you need to hire temporary employees to help replace the papers?  * How many hours of work would it take to replace the papers? * Would you need to obtain original versions? * Would you need to recreate original work, like home inspections, surveys or maps? If you consider the actual costs, you may realize you need more coverage than you currently have. What is considered valuable paper? Valuable papers are documents that are critical to your business and do not have duplicates. A policy may say it covers "written or printed documents, manuscripts and records," which could include invoices, client lists, contracts, loan documents and medical or employee records. Valuable papers generally do not include money, data records, securities and records stored electronically, so make sure you have additional coverage for those things. 

Posted 10:37 AM  View Comments

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