insurance

Key Person Insurance – is it deductible?

Key Person Insurance is an increasingly popular way to insulate businesses for lost profits if a key member of your team is incapacitated. As you would imagine, business expenses don’t stop in the absence of a key person and revenue can be significantly disrupted. ‘Key People’ tend to be business owners or partners, specialists (such …

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Are income protection premiums deductible?

The short answer is no. Not all business insurance premiums are deductible and the area is complex as every policy seems to differ. In general the following rules apply:Personal Illness and Accident Insurance The premiums are not deductible. The good news is that any income (or proceeds) paid out isn’t taxable either. These payments are called “exempt …

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