Gross Income

Gross income is the total amount of money you have earned before the costs of earning that money are deducted.

This is important information for business insurance. The underwriters for the insurance company use your gross income amount when considering how much to charge you for your insurance premium. The gross income is also important for when you do have a claim and need payment for business interruption.

Your gross income is shown on your financial statements. When you are looking at large contract insurance policies you need copies of the financial statements for part of the bond applications.

Your accountant is the one who can advise you on the gross income. If you are preparing business interruption documents for profit or for gross earnings you will need the information from your Income and Expense statements.

As your broker or agent for more information if necessary. Take control of your insurance. Use the tool correctly.