What insurance documents should businesses keep on file?

Insurance Documents to Keep on File for North Dakota Businesses

Maintaining proper insurance documentation is essential for business compliance and operational efficiency in North Dakota. Keeping these records organized supports audits, claims processing, and regulatory reviews.

• General Liability Insurance Policy: Keep a current copy of the policy outlining coverage limits, exclusions, and terms.
• Workers' Compensation Insurance Documents: Maintain proof of coverage and policy details as required by North Dakota law for businesses with employees.
• Commercial Auto Insurance: If vehicles are used for business, retain all insurance certificates and policy information.
• Property Insurance Policies: Store documents related to coverage for business property, equipment, and inventory.
• Certificates of Insurance (COIs): Keep copies of COIs received from vendors, contractors, or partners to verify their insurance coverage.
• Claims Records: Document all insurance claims filed, including correspondence and settlement details.
• Renewal Notices and Payment Receipts: Track policy renewal dates and payment confirmations to avoid coverage lapses.

As of 2026, North Dakota businesses should retain insurance documents for at least seven years to align with recordkeeping best practices and potential audit requirements. Organizing these documents digitally can streamline compliance and support payroll and hiring processes by ensuring employee-related insurance is up to date.