Insurance Documents
Disposing of Insurance Documents
Disposal
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
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 |
Depreciation schedules | Permanently |
Garnishments | 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 |
Other Documents
Similar tables are provided in the corresponding sections for:
- Corporate Records
- Financial Records
- Business Taxes Records
- Personnel Records
- Management Plans and Procedures
- Contracts
- 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.
NAID Certified
Complies with and fulfills all regulatory
requirements and policies of the
National Association for Information Destruction
What People Are Saying About PROSHRED®
My office needed a secure service for the tax documents that we handle. Safe Shredding supplied us with a locked container that we fill up... read moreMy office needed a secure service for the tax documents that we handle. Safe Shredding supplied us with a locked container that we fill up and they come out monthly to empty it. The drivers are friendly and professional and are always willing to go the extra mile. read less
Marji Scharf9/27/2014I highly recommend Safe Shredding. They arrived at my place of employment on time and were incredibly professional and nice. I would definitely... read moreI highly recommend Safe Shredding. They arrived at my place of employment on time and were incredibly professional and nice. I would definitely use them again for our shredding needs. read less
matthies10243/26/2015We have used Safe Shredding for the past 3 years after switching from a well-know competitor. They made it so easy to schedule an... read moreWe have used Safe Shredding for the past 3 years after switching from a well-know competitor. They made it so easy to schedule an appointment, book a time and they came out to shred our documents within a few days. I would highly recommend Safe Shredding for any of your shredding needs. read less
A Work9/27/2014