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Is General Liability Insurance Tax Deductible?

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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:

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Whether you’re shopping for a brand-new policy or comparing policy prices, we can help you find affordable protection that’s personalized to your needs. Start your quote here!

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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated reinsurance carrier by A.M. Best. Harborway Insurance is a trade name of Simply Business, Inc., which is a licensed insurance producer in all 50 states and the District of Columbia.

© Copyright 2020 Simply Business. All Rights Reserved. Simply Business, Inc. is a licensed insurance producer in all U.S. States and the District of Columbia. Simply Business has its registered office at Simply Business, 1 Beacon Street, 15th Floor, Boston, MA, 02108. In the state of California, we operate under the name Simply Business Insurance Agency, Inc., License #0M20593. In the state of New York we operate under the name Simply Business Insurance Agency. In the state of Texas we operate under the name, U.S. Simply Business, Inc. For more information, please refer to our Privacy Policy and Terms & Conditions.