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Is Professional Liability Insurance Tax Deductible?

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Is Professional Liability Insurance Tax Deductible?

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:

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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.