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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:
- What is Professional Liability Insurance?
- What does professional liability insurance cover?
- How much does professional liability insurance cost?
- Do I need professional liability insurance?
- How much professional liability insurance do I need?
- Is professional liability insurance the same as errors and omissions?
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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!
