<topic sku="biz" tNum="288492" author="sallyh" xmlns="x-schema:hhTopicSchema.xml"><index><title>Learn about deducting insurance premiums</title><category></category><klink type="cncpt">Tell me about deducting insurance premiums</klink></index>
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<p>You can generally deduct the cost of insurance for your trade, business, or profession. This includes fire, theft, flood, or similar insurance, credit insurance for losses from unpaid debts, liability insurance, and use and occupancy and business interruption insurance. IRS Publication 535, Business Expenses, Chapter 10, on the <alink type="xtnl" href="http://www.irs.gov">IRS Web site</alink>, lists the types of deductible insurance premiums and the rules for each type.</p>
<p>Deduct insurance premiums that you pay on behalf of your employees as employee benefit program expenses, not as insurance expenses. </p>
<p>Do not deduct health insurance premiums for yourself or your family as a business expense, except for a spouse who is also your employee. Instead, deduct self-employed health insurance premiums as an adjustment to income or as an itemized deduction.</p>
