Liability Insurance

Tax Glossary Definition

Liability Insurance

Liability insurance is a type of insurance coverage that protects an individual or business against legal claims arising from negligence, errors, or omissions. The premium paid is generally considered a business expense for tax purposes, while the policy provides financial protection against lawsuits or damages.

Example: The premium paid for professional indemnity insurance by a consultant or firm is treated as a deductible business expense and safeguards against potential claims from clients.

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