Professional Liability Insurance
Is professional liability insurance tax-deductible?
Typically, yes. Insurance premiums are considered a business expense and can be deducted for tax purposes.
Dig deeper
Yes, professional liability insurance premiums are typically tax-deductible as a business expense. Consult a tax professional to ensure proper reporting.
Real World Example
A consulting firm deducts their professional liability insurance premiums as a business expense during tax season.
Expert Considerations
Discuss your industry-specific risks with an experienced broker to tailor a policy that best protects your business.
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