Disposing of Insurance Documents
Proper disposal of insurance-related documents following their retention period requires a thorough, transparent process. We have outlined such a process on our corresponding How to Dispose of Contracts page.
Retention of insurance documentation is required to ensure that all needed materials are preserved in case questions arise regarding settlements, claims or accident reports. These documents can also be used when preparing financial statements or tax worksheets.
Suggested Retention Duration for Select Insurance Documents
|Document Type||Suggested Minimum Retention|
|Internal accident reports and claims||7 years after final settlement|
|Correspondence with insurers regarding claims||7 years|
|Insurance policy documentation||3 years after expiration|
|Official insurance accident reports, claims, records, etc.||Permanently|
|Inventory records||7 years|
|Property appraisals of owned assets||Permanently|
|Workers compensation documentation||10 years after the first closure|
Similar tables are provided in the corresponding sections for:
- Corporate Records
- Financial Records
- Business Taxes Records
- Personnel Records
- Management Plans and Procedures
- Donor Records
Important note: Please consult your CPA or a New York Business attorney for specific advice on best practices and legal compliance requirements. These lists are only intended to be consulted as a general guideline.