Is Business Insurance Tax Deductible?
Yes. It is deductible as a cost of doing business. You can deduct your insurance premiums that serve a business purpose.
Am I Required to Have Commercial Insurance?
In some cases, business insurance is required by law. Workers compensation insurance is required by most states. Certain businesses, such as bars, may be required to purchase liquor liability insurance. Also, commercial auto insurance may be required for certain business owned vehicles.
What is the Best Policy for a Small‑to‑Medium‑Size Business?
Most smaller companies and new businesses opt for a Business Owners Policy (BOP) which includes the basic protections, such as general liability and property damage.
What Type of Insurance Do I Need for My Industry?
There are many specialized business insurance types, such as for glass companies, marine ventures and companies that use risky equipment. The types of business insurance you need depend on your industry. Speak to a friendly, knowledgeable independent agent to find out more.
How Often Should I Assess My Business Insurance Needs?
The last thing you want as a business owner is to be underinsured. At the very least, you should assess your company’s insurance needs annually. If your company undergoes changes, such as hiring more employees, introducing new products and services, or developing new types of revenue, it’s time to review your options.
Is Business Insurance Tax Deductible?