Money, money, and more money. When you enter the world of business, you will have to talk about money more times than you probably would in your regular life. Yet when you employ a staff, it’s important to think about your business from every angle. You’re not only thinking about your livelihood anymore — you will also need to think about the livelihoods of the people that you’re employing as well. They have families to take care of as well.
If you’re thinking about getting a liability insurance policy in terms of benefits, here’s one that you might be excited by — in most cases, liability insurance is a qualified business expense and therefore tax deductible. Now, we’re in the business of insurance, not taxes — so you will want to make sure that you speak with your tax professional of choice. All the same, it’s an expense that you can show proof that you’re paying. So you don’t have to feel like it’s just more money out the door. Not only will you get the strong income protection you need against third party claims, you will also be able to claim the expense as part of the other business expenses — which is always a plus!