While the original submitter said s/he purchased the land, there was nothing said that verifies it was with, or without a loan. With a loan the interest should be a business expense.
Not sure where the land is, but in our very rural location, 1 acre can still have thousands of dollars in taxes, so I personally don't consider that negligible. (grin).
The cost of maintaining the land (and the insurance you mention) are all associated with the land. Seems worthwhile to list it as an asset. Especially if one is going to improve it (say an outbuilding for construction).
I am neither a lawyer, nor a tax accountant, so these are opinions.
