A Quick Note About Documentation

When it comes to loss prevention, insurance agents and advisors alike have probably heard the term “Document, Document, Document!” more times than they can count. Although this seems like a simple and straight forward business practice (and important loss prevention strategy), it continues to be a source of claims brought against financial professionals.

So here is a quick review of what constitutes “good documentation”:

Good documentation includes contemporaneous notes of verbal conversations and written confirmations of verbal conversations. Additionally, establishing regular practices and procedures for how you document your clients’ files will maintain consistency and increase credibility should a dispute arise. When devising documentation procedures, be sure to use a document retention policy that comports with state law.    

Warning: Never create or destroy documentation after a claim is made. If you get caught, the consequences are often much worse than having no documentation at all.

All information provided in this blog is for informational purposes only. The sources used are presumed accurate. CalSurance Associates, Brown & Brown Program Insurance Services, Inc. and Brown & Brown, Inc. will not be liable for any errors, omissions, losses, injuries or damages arising from its display or use and will not assume responsibility for any misguided information. No guarantees are implied.