Is General Liability Insurance Tax Deductible?

Is General Liability Insurance Tax-Deductible?

General liability insurance is usually tax-deductible because the IRS considers your policy payments to be a business expense. Keep track of all the payments you make toward your policy, as that will be important when you file your taxes at the beginning of the year.

Keep in mind that you should always seek out the advice of an accountant or tax professional when filing your business taxes. That way, you can be sure your general liability policy payments are being counted as deductibles.

Is General Liability Insurance Based on Payroll?

Payroll definitely plays a part in determining the price of your general liability insurance policy.

If you’re requesting quotes from Simply Business, it’s important to have a good estimate of how much you’ll be paying your employees (including subcontractors) over the upcoming year. Even if it’s just a guess, it gives us a good idea of the kind of general liability policy you may need.

Want to know more about general liability insurance? Check out:

• What is General Liability Insurance?
• What Does General Liability Insurance Cover?
• How Much General Liability Insurance Do I Need?
• How Much Does General Liability Insurance Cost?
• Do I Need General Liability Insurance?
• What Is A Certificate of Liability Insurance?