Resources, licences & regulations

Assets & revenue insurance

To protect your assets and your livelihood, you should consider these insurance types:

Compulsory Insurance

The following types of insurance are compulsory for all applicable businesses:

Motor vehicles and fleets

It is compulsory to insure all company or business vehicles for third party injury liability. Many different types of policies are available, so make sure you understand the options before making a decision. There are four basic options:

• Compulsory third party (injury)

This policy covers you for claims made against you for personal injuries and legal costs arising from the use of your car. You must obtain this insurance to register your car.

• Third party property damage

This policy covers your liability for damage to another person or to the property of others and your legal costs. It doesn't include repairs to your own car if you caused an accident.

• Third party, fire and theft

This policy covers you against the events covered above, as well as fire and theft. It also insures against damage caused if your car was stolen.

• Comprehensive

This policy covers you for all of the above plus damage caused to your own car by you in an accident. If you're buying a car on an instalment basis, financiers will usually insist on this cover.

Other Insurance:

The following types of insurance aren't compulsory, though it is recommended that you consider all options:

• Building and contents

Covers the building, contents and stock of your business against fire and other perils such as earthquake, lightning, storms, floods, impact, malicious damage and explosion.

• Burglary

Insures your business assets against burglary, and is most important for a retailer or business that has a property that is not always attended.

• Business interruption or loss of profits

Covers you if your business is interrupted through damage to property by fire or other insured perils. Ensures your ongoing expenses are met and profit is maintained through a provision of cash flow.

• Deterioration of stock

Covers your business for the deterioration of chilled, refrigerated or frozen stock following the breakdown of the refrigerator or freezer they were kept in.

• Electronic equipment

Covers your electronic equipment for theft, destruction or damage.

• Employee dishonesty

Covers losses resulting from employee theft or embezzlement.

• Farm insurance

Insurance for farms covering things such as crops, livestock, buildings, and machinery.

• Goods in transit

Covers loss of, or damage to, the goods you buy, sell or use in your business when they are in transit by ship, air, post, rail or road.

• Machinery breakdown

Protects your business when mechanical and electrical plant and machinery at the worksite break down.

• Tax Audit

Covers you for the cost of professional fees in the event of a tax audit or investigation into your business.

• Property in transit

Covers theft or damage of items you use for business purposes that travel with you, such as tools and equipment.

This information is brought to you by business.gov.au and Moorabool Shire Council