In order to be compliant with the laws and protect yourself, stockholders, employees, and customers/patients, you should destroy all confidential and outdated material.
What Should Be Shredded?
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Any document, which contains confidential material (designs, proposals, plans, and drafts of such information).
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Any document which could be used for the purpose of identity theft (social security numbers, customer lists, credit applications, tax returns, etc).
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Any document which could cause harm in the hands of criminals or competitors (canceled checks, price lists, business plans, credit card numbers)
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Any document which is mandated to be protected by laws such as HIPAA (healthcare), GLB (financial) or FACTA (general)
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Any non-paper item which could cause harm to you or others in the hands of criminals (security uniforms, employee identification cards, product packaging, out of spec products, recalled products, etc.)