ANSWER: Yes. Professional indemnity insurance is tax deductible in most states. All forms of business insurance are considered as "allowable expenses". This means the cost of the policy and premiums is an expense you can deduct you can calculate your taxable profits.
As you calculate your taxable profits for your tax returns you can deduct business expenses from your income. The term allowable expense extends to such expenses as traveling costs, legal and financial costs including the premiums you pay for your business.