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!
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!
*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.