The Insurance Mistake Costing Small Businesses $$$$

Business insurance mistakes cost small business owners thousands when a claim finally gets filed and the cover doesn't match. Book a complimentary review with Clear Tax before you renew: https://cleartax.com.au/contact-us/ In this video, Yuvraj Verma, tax accountant at Clear Tax, breaks down what small business insurance actually needs to cover and why your accountant should be part of that conversation, not just your insurance broker. Most business owners only discover their policy was wrong on the day they try to claim. Yuvraj walks through the 4 types of cover every small business should understand: public liability insurance for claims from clients or the public, professional indemnity insurance for consultants and anyone selling advice or expertise, income protection insurance for sole traders and small partnerships, and key person insurance for businesses that depend heavily on 1 or 2 people. He also explains how these premiums interact with your tax return, which policies are typically deductible, and the 2 common mistakes Clear Tax sees during compliance reviews: claiming a deduction that isn't allowed, and missing one you're entitled to. The video covers the gaps that show up again and again once a business grows, hires staff, or adds new services, and why a policy taken out years ago may no longer match the risk you're carrying today. 00:00 Why most business owners find out too late 01:14 The 4 types of business insurance you need to know 02:43 How insurance premiums affect your tax deductions 03:37 The Accountant's role in a business review 04:25 Common insurance gaps found during compliance reviews 05:26 Reviewing insurance and tax together This video is for small business owners, sole traders, consultants, and partnerships in Australia who want to understand their insurance and tax position together. If you want a proper review of your business insurance and how it fits your tax position, call Clear Tax on 1300 417 399 or book a complimentary session at https://cleartax.com.au/contact-us/ Subscribe to Clear Tax for more videos on Australian tax strategy, business structures, and compliance for property investors and business owners. At Clear Tax, we help business owners understand what's covered, what's deductible, and where they're exposed, before it costs them. Follow Us: LinkedIn:   / clear-tax-accountants   Instagram:   / cleartaxaustralia   Facebook:   / cleartaxaccountants   Website: https://cleartax.com.au/ TikTok:   / clear.tax.accountants   DISCLAIMER: This video provides general information only, not legal, financial, or taxation advice. It does not account for your personal circumstances, so verify all information with an independent professional advisor, including your accountant, before acting on it. We do not hold an Australian Financial Services Licence and have not provided financial services to you. #SmallBusinessInsurance #BusinessTaxDeductions #AustralianTax