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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 useful when preparing financial statements or tax worksheets.

Suggested Retention Duration for Select Insurance Documents

 

Document TypeSuggested Minimum Retention
Internal accident reports and claims7 years after final settlement
Correspondence with insurers regarding claims7 years
Depreciation schedulesPermanently
Garnishments7 years
Insurance policy documentation3 years after expiration
Official insurance accident reports, claims, records, etc.Permanently
Inventory records7 years
Property appraisals of owned assetsPermanently
Workers compensation documentation10 years after the first closure

Other Documents

Similar tables are provided in the corresponding sections for:

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.

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