Elements and Performance Criteria
- Manage the legal requirements of the business
- Process and maintain the insurance requirements for the business
- Identify insurable items of the business
- Conduct a risk assessment to determine the likely consequences of adverse risk outcomes
- Identify suitable insurers or brokers and obtain quotations on price and premium payment options
- Conduct a cost/benefit analysis to determine the effectiveness of insurance
- Identify and evaluate the potential for under- or over-insurance
- Acquire adequate insurance policies and cover
- Review legislative requirements and insurance cover
- File documents to ensure security and accessibility
- Identify sources, types and cost of finance
- Conduct research on the types of finance for primary production-based businesses
- Determine costs associated with different forms of finance
- Identify the opportunity cost of utilising internal funding sources instead of external sources
- Assess the advantages and disadvantages of each form of finance
- Assess repayment structures for finance options
- Assess the taxation implications of finance options
- Prepare application for finance or investment
- Manage finance repayments