No they are not. The payment on a Business Insurance Claim is to reimburse the Business for the Loss. It does not enrich the Business therefore the proceeds are not Taxable.
Are Business Insurance Claims Taxable?
About the Author: Mark Montagno
Mark is our President and is the head of our Commercial Lines segment at Montagno Insurance. Mark started with the company in 1976! Outside of the office Mark is an avid historian, interested in politics and is involved in local chamber and insurance professionals group. Mark’s insurance expertise is invaluable to our agency but we value his sense of humor even more!