By Jim Graham | May 15, 2019

Are my Business Insurance premiums deductible as a business expense?

Jim Graham: Good morning. This is Jim Graham from Graham Insurance Group, answering another one of your frequently asked questions regarding business insurance. The question is, are my business insurance premiums deductible as a business expense?
Well, first of all I have to say, check with your accountant. I am not an accountant and I’ve made a disclaimer to you. Now as a business owner, I will tell you that my business insurance that I carry for my business, I do have deducted from my taxes. It is the most efficient way with the way that I do my taxes. My accountant does deduct them for me. I’m not sure if that is true in everybody’s case, if it’s the best way to go. Sometimes it’s taking automatic expense for a business maybe better, but those are things you need to sit down and talk to your accountant about. But in most cases it is something you could claim and the best way to go about it. Thank you.