Employer's liability insurance can be used to deduct corporate taxes.
The announcement of the State Administration of Taxation on issues related to the pre-tax deduction of enterprise income tax for liability insurance premiums (Announcement No. 52 of 2018 of the State Administration of Taxation) stipulates that the insurance premiums paid in accordance with the provisions of employer's liability insurance, public liability insurance and other liability insurance are allowed to be deducted before enterprise income tax.
Take a look at the advantages of employers' liability insurance:
Employer's liability insurance is a type of insurance that provides protection to employers against liabilities and losses arising from the employee's work.
1.Protect your employer's financial stability.
Employer's liability insurance protects an employer's financial stability. If your employees suffer accidental injuries or occupational diseases at work, you will face significant financial pressure. You may have to pay for medical bills, workers' compensation benefits, compensation, and many other expenses. If you don't have insurance, these costs can make your finances worse. With employer's liability insurance, you can guarantee that your employees will be compensated and rescued without affecting your financial situation.
2.Increase employee satisfaction.
Employer's liability insurance can increase employee satisfaction. If you provide your employees with a safe working environment and the necessary protection and assistance if they are injured or sick, they will trust and respect you more. This will increase employee loyalty while also increasing employee satisfaction.
3.Enhance the reputation of your business.
Employer's liability insurance can improve a business's reputation. If you provide a safe working environment for your employees and provide the necessary protection and assistance if they are injured or sick, you will be seen as a responsible and caring employer. This will improve your business reputation and allow you to gain more trust and respect in the market.
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