As an individual or organization, you likely have valuable papers and records that you'd like protected. This could range from sales records, customer order forms, contracts, and other documents that your business needs to operate efficiently.
Valuable papers and records can get damaged or destroyed because of fires, employee errors, sprinkler defects, and other perils. This is where valuable papers and records coverage comes in.
Records and valuable papers business insurance covers the costs of replacing damaged or destroyed documents. It also covers the cost of having these replacement documents signed, notarized, or made official for public purposes.
Valuable papers coverage has evolved over time. There've been additions to valuable papers and records insurance coverage to include a clause tagged "Cost of Research." This extends the valuable papers insurance coverage to the cost of researching and restoring records on all media, especially if no duplicates exist.
Note that valuable papers and records insurance would only apply to losses that arise from the perils indicated in the policy document. Similar to other covers, valuable paper business insurance will only pay the costs up to the limit indicated for each insured.
Further, it is important to note that with this aforementioned evolution of valuable paper and records insurance, most carriers have excluded coverage for loss to records existing as electronic data. In fact, there've been stringent distinctions made between coverage for valuable papers and records and that for electronic data loss.
However, there are carriers that define records and documents as any information inscribed, printed, or written with no explicit exclusion of electronic records.
Valuable papers and records insurance can be categorized into three types, depending on the documents insured.
This type of valuable papers and records insurance provides coverage to all papers and records owned by your company that can be replaced and reproduced. If a covered peril happens, you’ll receive money for the cost of research and extra labor for replacement or reproduction.
This covers any type of papers and records that cannot be replaced or reproduced. Examples are primary research data, confidential papers, and others. If a covered peril happens, valuable papers and records insurance for irreplaceable documents will cover the monetary value of what was lost or damaged.
Coverage doesn’t apply to all items automatically. Irreplaceable records and papers must be scheduled one-by-one in the terms of the policy.
Accounts receivable is a type of valuable papers and records insurance you can use to insure documents containing information about products customers availed. Examples are contracts, invoices, and other records that prove a product has been bought and hasn’t been paid yet.
In the event of damage or loss, accounts receivable insurance will cover the money you would have collected from customers, cost of research, and cost of reproduction or replacement.
Note that the amount of insurance money you’ll receive will be subject to the limits assigned by the insurance company to your accounts receivable coverage.
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As highlighted, valuable papers insurance compensates you up to the cost of replacing or restoring valuable records and papers that have been lost or destroyed. Further, most carriers exclusively define valuable records and papers as those written, printed, or inscribed except money, security, data records, and data stored electronically.
A review of insurers offering this policy yields the following as the valuable papers that are covered. These include:
Books
Maps
Films
Drawings
Manuscripts
Licenses
Accounting lenders
Mortgages
Deeds
Medical records
Employee records
Employee lists and files
Legal papers
Business permits
Contracts
Loan documents
Note that even if you have made duplicates of any of these papers, the insurer is mandated to cover the cost of their replacement.
Consider this. What if, for instance, your employee records are damaged? You could very well reconstruct the record manually by reentering the employees' records or by using other undamaged records that have said information.
However, the insurer is expected to reimburse you for the cost of buying the materials needed to record the employee details. What's more, it will cover the cost of hiring additional labor to recreate said damaged document.
Valuable papers and records insurance rarely covers soft copies of papers and records stored in computers.
In case of a data breach and important files are deleted, you can use cyber liability insurance coverage instead.
Cyber liability insurance offers electronic data loss coverage, depending on which insurance company underwrites it.
Electronic and data loss coverage takes care of financial losses, research costs, and expenses for professional services if files on a computer, server, or any other similar property of your business get damaged or lost because of a breach.
Valuable papers and records insurance is automatically included in commercial property insurance. Look at the quote of your commercial property policy and you’ll find a section there indicating the assigned limits for valuable papers and records as well as accounts receivable.
Valuable papers and records insurance is also included in a business owner’s policy. It’s because a BOP, in essence, is made by bundling commercial property insurance with general liability insurance.
While this coverage has come a long way, a lot of the most well-known carriers still don't offer the cover as a standalone policy. Those that do place stringent exceptions and aren't keen on offering information premiums upfront.
The average valuable papers and records insurance cost is $43.65 per month or $523.80 per year. Several factors will affect just how much you pay in valuable papers and records insurance premiums. Most important is the assessed value of the paper or record in question.
In addition, here's a table showing the cost of valuable papers and records insurance from the recommended carriers.
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $17 | $204 | Best overall; Fastest valuable papers and records insurance |
| CoverWallet | $19.16 | $229.92 | Comparing quotes for valuable papers and records insurance online |
| Tivly | $21 | $252 | Comparing the quotes of valuable papers and records insurance over the phone |
| Thimble | $22 | $264 | On-demand valuable papers and records insurance |
| Hiscox | $24 | $288 | Valuable papers and records insurance that automatically renews every year |
| Progressive | $25 | $300 | Complementary products and bundled savings |
| MiniCo | $30 | $360 | $0 deductible valuable papers and records insurance |
| American Collectors | $49.20 | $590.40 | Insurance for a collector’s valuable papers and records |
| Chubb | $152.92 | $1,835.04 | Add-on coverage options |
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The best way to protect your valuable papers and records is to work with a reputable company with extensive experience in the field. Here's a list of the best valuable papers and records insurance companies. Read to know their pros, cons, and cost of premiums.
Best overall
Get an online proof of insurance and send as a text message, email, or social media post
Fastest valuable papers and records insurance
Great customer service and reputation
Issues an online proof of insurance instantly
Outstanding value for money
Bundle two or more insurance policies and get a 10% discount
Couldn’t find any
NEXT is an insurance company that specializes in covering small businesses. It offers policy bundle discounts and quick online application.
NEXT’s commercial property insurance comes with a $5,000-$10,000 valuable papers and records insurance. This is offered as an automatic add-on. And so, you don’t have to pay for additional premiums.
Best for: Best overall; Fastest valuable papers and records insurance
Average cost: $17 per month
Our rating: 10/10
Compare valuable papers and records insurance quotes online
Stable rates
Easy online policy management
Not an insurance company but an insurance broker
CoverWallet is an insurance broker which allows you to compare the quotes of its partners and buy a desired coverage online. To get covered, you use its online quotes comparison platform by choosing a coverage and providing some details about your business.
This company’s valuable papers and records insurance covers important business documents in and out of your business’s premises. CoverWallet sells valuable papers and records insurance as an automatic add-on to the commercial property coverage of business owner’s policies. This company’s valuable papers and records insurance offers $10,000-$25,000 coverage.
Best for: Comparing quotes for valuable papers and records insurance online
Average cost: $19.16 per month
Our rating: 10/10
Compare quotes over the phone
Responsive customer service
A partner of many reputable insurance companies
You need to call to get a quote
Approach Tivly (formerly CommercialInsurance.NET) if most insurance companies won’t sell their valuable papers and records insurance to you. It will hook you up with its partners that can provide coverage regardless of your business profile. Call Tivly now and compare the quotes of valuable papers and records insurance over the phone.
Best for: Comparing the quotes of valuable papers and records insurance over the phone
Average cost: $21 per month
Our rating: 10/10
Quick to issue an estimate of your rates
On-demand coverage
Valuable papers and records insurance offered as an automatic add-on to commercial property coverage
You can’t reach customer service by calling
Similar to CoverWallet, Thimble offers its valuable papers and records insurance as an automatic add-on to the commercial property insurance of its business owner’s policy. You get coverage for on-premises and off-premises valuable papers and records. Your valuable papers and records insurance from Thimble has a $2,500-$10,000 coverage.
Best for: On-demand valuable papers and records insurance
Average cost: $22 per month
Our rating: 9/10
Automatic policy renewal
Quick to issue quotes
Considerable experience in underwriting insurance for businesses
In-house team of insurance adjusters
Poor customer reviews
Hiscox’s valuable papers and records insurance is available as an automatic add-on to its commercial property insurance. This provides a $2,500-$5,000 coverage for important business documents. What’s good about this company is that your coverage automatically renews every year. That said, you’re sure to enjoy coverage all the time, provided that you continuously work with Hiscox.
Best for: Valuable papers and records insurance that automatically renews every year
Average cost: $24 per month
Our rating: 9/10
Excellent reputation for customer service
Best-in-class coverage options
Extensive insurance agent and broker network
Great online service
Responsive and easy-to-use mobile app
Cash settlement opportunities
Robust cybersecurity protection
Chubb's premiums are significantly higher
Founded in 1882, Chubb is a leading publicly traded property and casualty insurance company. It operates in over 54 countries and territories and insures businesses and individuals in all 50 states.
While typical property insurance policies are designed to protect your property and what's inside, there's usually limited coverage for valuable papers and records. With a Chubb Valuable Articles policy, you can rest assured that your papers and documents are well protected.
Chubb's base coverage includes the following:
Extended replacement cost
Cash settlements
Replacement cost coverage
Electronic data restoration
This base coverage comes at $152.92 monthly or $1,835 annually. Evidently, insurers looking for the cheapest rates will find themselves locked out by the significantly high premiums charged by Chubb. However, the insurer does offer a number of discounts that could see your premiums significantly reduced.
Best for: Add-on coverage options
Average cost: $152.92 per month
Our rating: 8/10
Valuable papers and records cover can be added to an existing home insurance policy
Protection against a variety of perils
AM Best rating of A+ Superior
High-valued papers and documents might not be covered within Progressive's homeowner's coverage and, as such, would require a standalone policy
No clear communication on when Progressive requires appraisals
Founded in 1937, Progressive is focused on becoming the consumers' and agents' number-one choice. In fact, Progressive allows you to add a rider to your property protection policy that covers valuable papers and records. Note, however, that Progressive might require you to purchase a standalone policy if the value of the paper or records exceeds a predetermined amount.
For valuable papers and records insurance, Progressive will charge you $25 monthly or $300 annually. If you are expected to purchase a standalone policy, then this will typically cost 1.5% to 2% of the valued price. An insider tip would be to schedule the valuable papers and records on your existing property protection policy. This will save you 50% on your annual premiums.
Best for: Complementary products and bundled savings
Average cost: $25 per month
Our rating: 7/10
Coverage of up to $1 million
Higher limits are on offer
Competitive premiums
$0 deductibles
Online quote tool
Insurance for the full value of documents and papers
A limited number of customer reviews
Through MiniCo Insurance, you will be able to protect your valuable papers and records at competitive premiums and $0 deductibles. A great advantage of working with MiniCo is that they do not require appraisal at the point of application. Still, it continues to offer the best value choice for owners of valuable papers and records.
Founded in 1974, MiniCo offers this specialty product in partnership with AXA XL. With time, the insurer has evolved to gain an A+ rating from AM Best.
The online quote tools provide policyholders with quotes in less than a minute. This means that the insurer only offers custom quotes depending on what valuable papers or records you want insured.
To file a claim, you are required to get in contact with the Director of Claims Management and Loss Control Services. This is best done via the phone or through the mail. An adjuster will contact you to gather all the relevant information and settle the claim in a mutually agreeable manner.
Best for: $0 deductible valuable papers and records insurance
Average cost: $30 per month
Our rating: 6/10
Industry experts on board
Broad coverage
Inflation guard protection
Automatic coverage of new additions
Low insurance rates
Easy underwriting process
Excellent customer service
No complimentary insurance products
The carrier doesn't publish an average claim response time
American Collectors Insurance, based in Cherry Hill, New Jersey, has been providing American valuable papers and records owners with this specialty insurance product since 1976. At present, the insurer is part of the NSM Insurance Group, which is a further testament to its financial strength.
American Collectors Insurance offers prospective clients a comprehensive and easy-to-navigate website. It offers in-depth product information, which makes online application a breeze.
Note that this company’s company’s insurance for valuable papers and records isn’t for businesses. Instead, the coverage is designed for collectors who want to insure their comic books, photographs, books, advertising memorabilia, stamp albums, etc.
Best for: Insurance for a collector’s valuable papers and records
Average cost: $49.20 per month
Our rating: 8/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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