Losing a valuable document can cost your business serious business and money. Fortunately, you don't have to lose any money after losing a valuable document if you have valuable paper coverage. This coverage is meant to compensate businesses for the costs of replacing damaged or lost valuable documents. Therefore, you should get this coverage if you have valuable papers in your business. You should know a document is valuable if its replacement:
Requires Extra Labor
You know a document or paper is valuable if you can't restore it on your own or with your in-house staff. In such a case, you would need to hire other people to restore the document if it is damaged or lost. Consider an example where you have hired an architect to design the expansion of your property, and the designs have been lost in a flood. This is not something you can just sit down and whip up; you need to hire the architect or other architects to get the document back.
Takes Many Hours
The more hours you need to produce a document, the more it is valuable to your business. Something that has taken you months to produce, for example, can cost a lot of money to replace, especially if the replacement is needed fast. For example, a survey that has been ongoing for a long time may need the same number of hours to reproduce, making the associated documents pretty valuable.
Requires the Original Version
There are situations where you can't use duplicate versions of a document; you must have the original. For example, if you are tasked with producing certificates for an institution, and they have been lost or damaged, you can't use duplicates of the certificates, even if you have them. You must produce original versions of the same certificates.
Requires Original Work
You should consider your papers valuable if their replacement involves executing the same duties as the original work that produced the damaged documents. Take an example where you have hired a marketing firm to conduct a marketing survey on your behalf, and the survey has yielded hundreds of documents. If the documents are damaged in a fire, you have no option but to hire extra labor to redo the work.
Just like other forms of commercial insurance coverage, there are things that valuable paper coverage doesn't cover. For example, it doesn't cover checks, cash, or documents held in electronic forms. Talk to a business insurance consultant to learn more about your options for coverage.