How Long Should You Keep Business Records? An Industry-Based Guide

Every business generates documents that contain sensitive information, but knowing how long to keep those records can be just as important as knowing when to securely destroy them. Retention requirements vary by industry, and holding onto documents longer than necessary can increase security risks and storage costs.

Here's a quick guide for some of the most common industries:

Healthcare

Healthcare organizations must comply with strict regulations regarding patient records. While requirements vary by state, many medical records should be retained for at least 6–10 years, with pediatric records often requiring even longer retention periods. Once records have met their retention requirements, secure shredding helps protect patient privacy and maintain compliance.

Legal

Law firms handle highly confidential client information that may need to be preserved for 5–10 years or longer, depending on jurisdiction, case type, and ethical obligations. Firms should establish a clear records retention policy and securely destroy files that are no longer required.

Financial

Banks, accounting firms, and other financial organizations are often required to keep tax documents, audits, and transaction records for at least 7 years, though certain records may need to be maintained longer. Secure document destruction helps reduce the risk of identity theft and data breaches once retention periods expire.

HR & Payroll

Employee records, payroll information, and hiring documents are subject to various federal and state regulations. In general, payroll records should be kept for at least 3–4 years, while some personnel and benefits records may need to be retained for several years after employment ends. Proper document management and secure shredding help businesses stay organized and compliant.

Protect Your Business

Record retention is only half of the equation—secure disposal is equally important. Working with a professional shredding provider ensures confidential information is destroyed safely, helping your organization reduce risk and maintain compliance with privacy regulations.

Shred America has high security mobile shredding trucks that can come to you, or you can use our interactive map to find one of many secure drop-off locations around the country.

In any case, feel free to contact Shred America to fulfill any of your paper or electronic destruction needs today.

How Long Should You Keep Business Records? An Industry-Based Guide