Can I deduct Errors and Omissions insurance premiums for my business?

[MargaretL]

Yes, it is a deductible business expense.

[rbink99]

I know the errors and omission premium payment can be deducted,....Howerver,....Can an errors and omission claim payment be deducted?

[PatriciaV]

The laws regarding the deductibility of settlement payments are complex. Most were repealed with the Tax Cuts and Jobs Act of 2017. Here is a fairly recent article on the subject: Sorting the tax consequences of settlements and judgments.

Your best option is to seek the advice of a local tax or legal professional so you have adequate documentation to support your deduction should you choose to report it.

@rbink99