As document restoration specialists, we can tell you that preparation makes all the difference in the world when it comes to surviving natural disasters. Businesses and organizations that take the time to prepare for and protect themselves against risk are far more likely to survive a natural calamity.
While most business owners and organization leaders have a basic understanding of what they can do to protect themselves against disasters – such as create an office emergency kit, conduct regular data backups to a remote location and train employees what to do in an emergency – there are other lesser-known aspects of disaster preparation that are often overlooked. Acquiring valuable papers insurance to protect your organization against the prospect of water damaged documents is one of those underappreciated (yet highly important) aspects of risk management.
What is Valuable Papers Insurance?
Valuable papers insurance protects an organization’s valuable papers and records. Research and replacement costs are covered by valuable papers policies. If the important papers cannot be replaced, this type of insurance will cover the documents’ value.
Most basic property insurance policies will include a certain amount of valuable papers coverage, but too often this amount is laughable in the face of true post-disaster costs.
Who Should Carry Valuable Papers Insurance?
Valuable papers insurance is for any company or organization that relies on documents to do its work. In general, document restoration specialists recommend that the following organizations carry this type of insurance:
Businesses. What if all of your files suddenly became water damaged? Documents related to client services, contracts and accounts receivable would have to be restored; otherwise your company could be forced to close. To protect the documents you need to access in order to run your business, we recommend obtaining valuable papers insurance.
Law firms. Many legal firms are required by law to maintain client and court records. Valuable papers insurance helps cover your legal obligation while also offsetting the considerable cost of restoring thousands of documents.
Hospitals. Without access to patient records, your organization would be crippled. In addition to carrying valuable papers insurance, we recommend that hospitals transition to digital storage of patient records.
Libraries. Many libraries contain first- and second-edition books that simply cannot be replaced. Valuable papers insurance covers the value of precious books and documents.
Museums. If your collection features rare archives and inimitable documents, you should definitely be carrying valuable papers insurance to protect the life of your organization.
The Role of Disaster Recovery Firms in Selecting Valuable Papers Insurance
If you’re looking for valuable papers insurance coverage but don’t know where to start, we suggest talking to a document restoration specialist. Avoid speaking with general contractors who occasionally provide sub-contracting for water damaged documents; instead, seek a company that provides document restoration in-house.
Document restoration specialists can accurately estimate the potential cost of replacing damaged documents. This cost, and the requisite insurance needed to offset it, will vary widely between organizations. For instance, an auto parts store many only need access to client receipts. This valuable papers policy would have a far lower limit than that of a law firm that needs to prove its interactions with clients.
Here at Polygon, our document restoration specialist team includes Rob Schmidt, who has extensive experience working as an insurance agent. Rob and our other team members have the know-how to help you acquire the ideal valuable papers insurance for your organization.