Alberta business owners facing losses from wildfire damage can get help navigating the crisis to ensure they can limit the drain on cash flows and support their employees, experts say.
“You just see people at the very lowest point in their lives. It’s terrible for the people. They lost everything,” she said. While some Jasper business owners among the 10,000 evacuated residents may not know the extent of damage to their properties yet, insurance providers should be able to start the groundwork and even assess the damage by sending a drone or reaching out to emergency teams, she added.an insurance adjuster will communicate with trade workers to repair a property if it is damaged or destroyed.
Daryl Ching, the founder of Vistance Capital Advisory, also encourages business owners to contact their banks to ask for deferrals if they have a term loan, line of credit or personal mortgage. He advised businesses to go through their monthly expenses line by line to stop cash outflow, including suspending or cancelling purchased services, if possible, and furloughing as many employees as possible.employment insurance