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Is Professional Liability Insurance Tax Deductible?

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Is Professional Liability Insurance Tax Deductible?

Since the IRS categorizes insurance policy premiums as business expenses, be sure to deduct the cost of professional liability insurance payments on your income tax return.

As always, it is important to work with a reputable accountant or tax professional to ensure that your business tax returns are filed correctly. Don’t forget, if you have any questions about your business insurance coverage, Simply Business is here to help!

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

Is Your Business Insured?

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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Is Professional Liability Insurance Tax Deductible?

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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.

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