Many people groan at the sound of having another policy in the workplace, but the reality is that policies keep people and information safe. Document retention is a system that automatically determines what should be done with certain files. For example, specific documents may be automatically deleted or archived on a particular time and date.
Having a reliable data retention policy protects your organization and avoids financial, civil, and criminal penalties. Let’s dive into the biggest benefits your organization will get by following a document retention policy.
You can’t put a price on peace of mind. When you lock up for the night, it’s a great feeling to know that customer records are properly saved and stored. You won’t be woken up in the middle of the night, being told that your business was broken into and sensitive information was stolen. And, if there is some type of catastrophic event such as a theft, vandalism, or flood, you can retrieve your records.
Lowered Risk for Penalties
Not having the proper documentation can get your business into legal trouble. Typically, this happens when important documents are misplaced or deleted. The penalties, fines, and litigation fees can add up quickly, causing your business to take a major setback. By following a document retention policy, you can recover all data and reduce costly litigation.
Reduced Storage Costs
Storage costs can be substantial. Not only do you need to pay for physical storage space but also printing ink, cardboard files, waste paper, and more. In some cases, additional staff is needed for filing and other related tasks. All of this extra work takes away from the core competencies of your organization. Fortunately, a simple document retention policy frees up time and eliminates storage fees.
Document retention protects your legal rights. Whether you are a plaintiff or defendant in a future case, you will have the proper documentation in place. Some of the most important documents include trademarks, copyrights, insurance policies, and original patents. Contracts and related documents are also vital, as you may need to demonstrate that you withheld your end of the agreement.
No two businesses are exactly alike, which means your document retention policy should be specific to your organization. It should have a clear purpose as well as procedures for storage, organization and retrieval, and appointed individuals. To create a document retention policy for your business, call Global Document Services today!