103 replies to this topic

[Victoria Watcher]

Smoke and flames were pouring from a fire at Rising Star Wholesale Bakery in Esquimalt on Wednesday morning.

The smoke looked “pretty dramatic” and was venting through the roof of the bakery on Devonshire Road near Lampson Street, Esquimalt Fire Rescue Chief Matt Furlot said about 8:45 a.m.

https://www.timescol...-bakery-8781145

Edited by Victoria Watcher, 22 May 2024 - 10:32 AM.

[Victoria Watcher]

“It’s a loss of employment for so many people. It’s been kind of like a primary income for so many, so I don’t know what to say at this point,” said Jagdeep Bunet, one of the owners of Rising Star Wholesale Bakery, which is now shuttered.

 

“It’s emotional. All of our clients, our customers who are relying on us.”

 

https://www.cheknews...uimalt-1205533/

 

 

 

 

https://www.risingst...m/products.html

 

Edited by Victoria Watcher, 22 May 2024 - 03:36 PM.

[Victoria Watcher]

[Nparker]

“It’s a loss of employment for so many people. It’s been kind of like a primary income for so many, so I don’t know what to say at this point,”...

Don't they have business interruption insurance?

[Matt R.]

You think insurance ever pays out?

[Nparker]

I would think in the case of a fire it would pay out. Seems like a business is taking a big risk in not having it.

[max.bravo]

Is that a common thing- business interruption insurance? Never heard of it!

[Nparker]

It should probably be more common than it is.

[max.bravo]

I would think most entrepreneurs consider themselves to be their own form of business interruption insurance. I mean, if they wanted stability, they'd work for the government. The risk of running a business is the reason there is so much potential upside... I don't know anybody in an industry where they have any trust that an insurance company can level that out... 

[Nparker]

If a business chooses to not mitigate the risk with insurance, it should still be responsible for compensating its employees for lost wages. "Too bad, so sad" don't cut it.

[max.bravo]

Spoken like a true public servant! 

 

So if this private person who outlaid their own capital, to produce a valuable service to the community, and provides employment for many people, and contributes to taxes.... if they don't pay the extra $ for business continuity insurance, they should have to continue to pay their employees even if they wind up the business and cease production? Interesting.

 

What about for insolvency? What about for vandalism? What about if the owner retires and nobody wants to buy the business? I'm curious how far you think the owner's responsibility to keep giving paycheques to workers who aren't working extends... 

[Victoria Watcher]

If a business chooses to not mitigate the risk with insurance, it should still be responsible for compensating its employees for lost wages. "Too bad, so sad" don't cut it.

No. Employees already have a government backstop. And can also self-insure themselves for more.

[max.bravo]

From a business owner perspective - the employees get paid when they perform the work. If there is no work to be performed, there is no paycheques to be deposited. Because without the work, there is no revenue. Simple as. 

 

I wish every public servant could experience running their own business at least once in their life. It should be a pre-requisite - having tried and failed at business before the government will hire you. 

Edited by max.bravo, 23 May 2024 - 09:12 AM.

[Victoria Watcher]

Spoken like a true public servant!

So if this private person who outlaid their own capital, to produce a valuable service to the community, and provides employment for many people, and contributes to taxes.... if they don't pay the extra $ for business continuity insurance, they should have to continue to pay their employees even if they wind up the business and cease production? Interesting.

What about for insolvency? What about for vandalism? What about if the owner retires and nobody wants to buy the business? I'm curious how far you think the owner's responsibility to keep giving paycheques to workers who aren't working extends...

Well-said.

[Matt R.]

Oh we have it for sure, I just don’t think it pays out quite like nparker thinks. Business interruption and key holder insurance isn’t too expensive but I doubt it would ever pay out, but that’s just my experience with insurance companies.

[aastra]

Can't you get some kind of insurance for when your insurance doesn't pay out?

[Matt R.]

You can and I did. Paid me back half my premiums. I’m assuming they just front load the return in the premiums and “refund” money like revenue Canada does.

[m3m]

Insurance companies loathe paying out claims. Obviously. I’ve had to sue for coverage on two separate claims. As soon as I retained a lawyer and filed a suit, the insurance companies paid out.

[max.bravo]

What were the claims for?

[m3m]

The other was for liability coverage related to a ATV.
One was for the damage to a boat.