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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 incident 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.
It can be categorized into three types, depending on the documents insured.
It 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 incident 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.
This coverage insures documents containing information about products customers availed.
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.
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 states the following as the valuable papers that are covered. These include:
Note that even if you have made duplicates of any of these papers, the insurer is mandated to cover the cost of their replacement.
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.
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.
It 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.
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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 the 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 | ||
| NEXT | $17 | $204 | |
| CoverWallet | $19.16 | $229.92 | |
| Tivly® | $21 | $252 | |
| Thimble | $22 | $264 | |
| Hiscox | $24 | $288 | |
| Progressive | $25 | $300 | |
| MiniCo | $30 | $360 | |
| American Collectors | $49.20 | $590.40 | |
| Chubb | $152.92 | $1,835.04 |
NEXT
NEXT 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.
Average cost: $17 per month
Our rating: 10/10
Pros
Tivly® 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.
Average cost: $21 per month
Our rating: 10/10
Average cost: $22 per month
Our rating: 9/10
Hiscox’s valuable papers insurance coverage is available as an automatic add-on to its commercial property insurance. This provides a $2,500-$5,000 coverage for important business documents.
Average cost: $24 per month
Our rating: 9/10
They allow 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.
Average cost: $25 per month
Our rating: 7/10
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.
Average cost: $19.16 per month
Our rating: 10/10
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.
Through MiniCo Insurance, you will be able to protect your valuable papers and records at competitive premiums and $0 deductibles.
Average cost: $30 per month
Our rating: 6/10
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