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There is no definitive answer to this question as it will depend on the specific business and their accounting practices. However, some possible expense categories for life insurance could include:
Protection Expenses
This would include any costs associated with protecting the business from financial loss in the event of the death of a key employee. This could include the cost of the life insurance policy itself, as well as any related legal or administrative fees.
Benefits Expenses
If the life insurance policy is offered as a benefit to employees, then the associated costs would typically be classified as benefits expenses. This could include the cost of the policy itself, as well as any related administrative fees.
Other
Some businesses may choose to classify life insurance costs under a more general category such as "other" or "miscellaneous". As with the other categories, this would include the cost of the policy itself, as well as any related administrative fees.
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As we scale we need tools that are built to scale with us - we need to see expenses real time, we need to see duplicate spend. These types of insights are important to the health of our business.
Steve Padis, SVP Finance & Strategy, Barry's
The information provided in this article does not constitute legal or financial advice and is for general informational purposes only. Please check with an attorney or financial advisor to obtain advice with respect to the content of this article.
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1. We calculate average savings as a percentage of an illustrative customer's total card spending when using Ramp features designed to reduce business expenses. Keep in mind that this percentage is an estimate, not a guarantee. Ramp delivers savings from more than just card spending; savings can also come from non-card expenses so we may factor decreases to non-card spending into our calculation. For example, savings may result from reduced time spent on manual expense tracking, the financial benefit of cash back or other rewards, smarter expense monitoring, and eliminating costs associated with alternative solutions. Our calculations are based on platform data, industry research, customer surveys, and info on alternative options. Your actual savings may vary.
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