insurer asks for my turnover figures what must I enter

Turnover figures for insurers: usually an indication, not an audit opinion

The insurer usually asks for an indication of turnover, not the exact figures from the annual accounts. This is part of acceptance and risk assessment: the insurer wants to know how large the business is and what risk is appropriate for it, for example for a liability or property damage insurance policy. In most questionnaires, a range or a rounded amount is sufficient. Only in the case of a request with a higher insured amount, or if there is doubt about the information provided, does an insurer sometimes ask for underlying documentation such as annual accounts or interim financial statements.

If you don't have those figures readily available, you can often refer to what is already public. Some businesses have already filed their annual accounts with the trade register; you can check whether this applies to your business and what figure is listed there via are the annual accounts of the business filed. Note: this is a different figure from what an insurer asks for in the acceptance questionnaire. The annual accounts show the closed financial year; the insurer often wants the current or expected turnover for the current insurance period. Enter the figure that matches the requested period, not automatically the most recently filed amount. Turnover often appears in these kinds of questionnaires together with a question about the financial health of the business in a broader sense; how this is related is explained in insurer asks about our financial health what should I enter.

Why turnover and annual accounts are not the same source

The obligation to file annual accounts follows from the Trade Register Act 2007, which establishes which data of a business are public; this is a different regime from the voluntary disclosure that an insurer requests in its own acceptance process. There is no legal standard that prescribes which turnover figure an insurer may request or how detailed it must be — that is up to the insurer itself, within its own acceptance policy.