Steiner Insurance Group

1161 Sonoma Park Dr
Suite 200
Norman, OK 73071

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Three things to know about commercial insurance and taxes

One of the many important things to be aware of with commercial insurance in Norman, OK is how premiums impact your company’s tax liability. Most of the commercial insurance premiums you pay to insurance providers like Steiner Insurance Group can be written off on your company’s tax return.

The following are three things you need to know about commercial insurance and taxes. 

You can write off commercial insurance premiums as a business expense

Commercial insurance premiums are classified as an ordinary business expense. This means that they can be deducted from a company’s gross revenue in determining tax liability. This also means that paying commercial insurance premiums helps to bring down a company’s overall tax liability for the year.

You can’t deduct commercial insurance premiums already paid for future years

Business owners may sometimes pay their commercial insurance amount upfront for several years in advance. For example, a business owner may purchase a two-year policy and pay for it all at once.

However, the full amount for the two-year policy cannot be deducted the first year. The business owner can deduct half of the policy’s cost on the first-year return and the other half the next year. 

You cannot write off the money you put into a reserve fund for self-insurance as a deductible

Some business owners prefer to take care of their insurance needs by setting aside a reserve fund that allows them to be self-insured. However, this method of insuring one’s company does not offer the same tax advantages as paying commercial insurance premiums. Money that is put towards such a fund cannot be deducted as an expense on a business’s tax return. 

If you have any questions about how commercial insurance impacts your business taxes in Norman, OK, contact us at Steiner Insurance Group to learn more. 

 

 

Three add-ons to your home insurance to consider

If you’re looking for the right home insurance policy for your needs in Norman, OK, you should be aware of what some of the most critical add-on coverage types are. Luckily, we offer numerous types of home insurance and add-on coverage options at Steiner Insurance Group. 

Unfortunately, a basic home insurance policy won’t necessarily offer all the coverage types that you need at your property. When this is the case, you need to put add-on coverage types on your policy. 

Flood damage coverage

Home insurance policies do not usually include coverage for flood damage. At the same time, floods can occur just about anywhere in the country. They can also cause significant damage to a home.

Adding flood damage coverage to your policy is always a good idea. Also, this type of add-on coverage might not be costly if your home is not located in a flood zone.

If your home is located in any area where flooding is likely, you may be able to get government-subsidized flood damage insurance through FEMA. 

Coverage for highly valued items

If you have especially valuable possessions in your home, standard home insurance might not be adequate to cover them for their full value. In this case, you might want to consider adding high-value item coverage to your home insurance policy. 

Sinkhole damage coverage

Like floods, sinkholes can also occur anywhere in the country. Sinkholes can cause severe structural damage to a home. 

Sinkhole damage coverage probably won’t increase your monthly premiums by that much. At the same time, this type of coverage can be a lifesaver financially if your property does eventually experience sinkhole damage. 

If you need to learn more about add-on coverage options in Norman, OK, contact us at Steiner Insurance Group

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