Costs incurred to insure your business assets and/or operations may be tax deductible, depending on the purpose.
Income protection insurance cannot be expensed for self-employed tax payers. This is because any income paid out from premiums is also not subject to personal income tax when they are received.
Insurance taken out specifically to protect the stock or raw materials you use to create your product can be expensed.
However, if your stock is covered under your home insurance - these costs will be covered under HMRC's flat rate for home working (see Rent ).
Other business insurance:
Any insurance you pay on behalf of or to protect your business can be expensed, below are some more examples.
If you take out executive income protection through a limited company, the premiums will be paid to the company and are assessable income in the company.