I have a small business that I just started and will make less than $30,000 in the year. I need liability insurance as I make children s products and it s expensive. An insurance broker recently told me that I can write off the insurance come tax season (I live and operate in Ontario). The cost of the insurance will either make or break my business so if I can write it off that would make the difference of if I get insurance or not (which I definitely want). I m wondering how much of it I would get back if any? It will likely cost close to $5,000.