Keep Those Records! (for longer than you thought)
After insurance policies expire, many businesses throw away the documents related to them. But you may need evidence of certain kinds of insurance even after the coverage has expired. For this reason, it’s best to take a long-term approach to “occurrence-based” policies such as general liability, umbrella liability, commercial auto, and commercial crime and theft. Retain documents permanently (or as long as your business is operating). Also consider employment practices liability insurance (EPLI), which protects companies from employee claims of legal rights violations. Keep EPLI documentation permanently, too. Our firm can provide further info.