Alberta Risk Advice by Cielito Villanueva

Have you ever considered what it would cost to reproduce the documents in your business? I’m not talking about the cost of the paper and ink, but the actual information contained in the documents. For instance, if your company has a large fleet of vehicles and drivers, you will most likely have a set of driver’s abstracts. Go to any vehicle registry and you will quickly find out they are not cheap to order. What about the cost to reproduce manuscripts, leads lists, blueprints, safety manuals, certificates, or permits?

What is the solution?

Storage: Store your valuable papers in a fire and water proof safe or cabinet, onsite or better yet, offsite.

Electronic Back-Up: Scan your documents and save them in electronic format on a local hard-drive and a USB flash drive that you keep in your briefcase

Copy: Copy your valuable papers and store the copy offsite or in a safety deposit box

Additionally, you may have an added feature in your company’s liability policy where there is coverage for valuable papers up to the limits stated. There are some packages that include up to a $50,000 limit on the costs to reproduce valuable papers lost in an insured peril such as a fire, sewer back-up, or even theft. Talk to your broker for details on this coverage, but also make sure you protect them as well by taking a SEC.