Get Simplified Business Income And Extra Expense Worksheet

The Simplified Business Income And Extra Expense Worksheet is an essential document designed to help users assess their business income and expense exposure over a twelve-month period. This guide provides a professional and supportive walkthrough of the online form, ensuring users have a clear understanding of each section and how to fill it out accurately.

Follow the steps to complete the worksheet effectively.

1. Click the ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering the name of the insured in the designated field at the top of the form.
3. Fill out the policy effective date by selecting the appropriate date from the calendar option or typing it in.
4. Proceed to the '12-month business income and extra expense exposure calculation' section. Enter your net income (or loss) before taxes in field A.
5. In field B, input all expenses related to your business, making sure to include payroll, while excluding the cost of goods sold.
6. Calculate your net income plus expenses and enter the result in field C.
7. For field D, account for expected growth over the projected twelve-month period by entering it as a factor of 1.00.
8. Multiply field C by field D to determine your twelve-month expected business income exposure, and enter this figure in field E.
9. In field F, enter any extra expenses you anticipate that would be incurred to operate or move to a temporary location.
10. Finally, calculate the total expected business income and extra expense exposure by adding fields E and F, and write the result in field G.
11. Complete the additional required information section by providing total gross sales, total payroll, and the maximum expected period of recovery in the event of total loss in the respective fields.
12. Move to the business income/extra expense limit calculation section. Divide the result from field E by 12 and enter it in field A.
13. Multiply the amount from field A by the maximum expected period of recovery months from item 3 above and write this value in field B.
14. If applicable, add increased peak season exposure into field C.
15. Add the extra expense from field F to the total calculated in field C. Write this final estimation in field D, labeled as estimated BI/EE limit needed.
16. Certify the report by signing in the designated area, filling in your title and the date.
17. Once you have finished filling out the form, you can save changes, download, print, or share the completed worksheet.

Start completing your Simplified Business Income And Extra Expense Worksheet online today!