Across Canada, millions of small business owners, regardless of the field in which they operate, know that it’s vital to have a good insurance plan in place in the event of any number of potential issues. This is certainly true for used car dealerships, because of the value of the inventory they typically hold, and the number of things that could go wrong and cause a significant loss. One such business in Surrey, British Columbia, was recently impacted in this way, and the dealership’s main building was destroyed.
In early March, the DJ Automarket on King George Boulevard in the Vancouver suburb was hit by a massive fire that officials immediately treated as suspicious, according to a report from CTV Vancouver. The fire started just before 2 a.m., and took about four hours to bring under control, but the blaze itself was so significant that it destroyed the company’s offices, and forced emergency response crews to abandon even their attempts to save it. In all, the fire attracted seven trucks and 26 firefighters, and not only destroyed the building but damaged a nearby vehicle.
“It’s a wind-driven fire, the wind is pushing the fire through the building and making it difficult for the crews to access,” John Lehman, assistant chief of Surrey Fire Service told the news organization as the blaze was still ongoing.
In addition to the business itself, some other issues arose as a result of the fire, the report said. Not only did it badly damage the offices for the used car dealership, but also the suites above those offices. That included an apartment in which two people and their pets lived. All made it out safely, but they are now without a home.
The cause of the fire is still under investigation, and it was initially difficult for officials to determine where it even began, the report said. It’s believed that the blaze began outside the building – such as in one of the vehicles – and quickly spread to it, but the opposite could be true as well.
What to keep in mind
For small business owners, while it may be unpleasant to think about the potential misfortunes that can befall their businesses, the fact remains that these are eventualities for which they must be prepared. That includes taking proper safety precautions whenever possible, but also having the right kind of insurance policies to protect against just about any potential risk. Incidents like fires, flooding, theft, and more can all be potentially problematic when it comes to a company’s ongoing financial viability.
Consequently, as businesses grow and their needs change, entrepreneurs should be ready and willing to carefully evaluate the ways in which their insurance policies meet those needs. If there are potential shortcomings, or possibly just ways in which they can save money in the long run, making a switch or buying additional coverage may be a very good idea.