So last week a large hydro company in Ontario had over $655,000 stolen via an email scam. Can the company raise rates/add service fees etc to make that money back? Or will they have to claim through insurance? What is the procedure for things like this?
NjH: And if the company does not have insurance………
It has to make it's books balance.
So choices are..
– go bust… leaving no one a winner / everyone a loser
– borrow the money, and pay high interest charges …
so yes, that has to come from somewhere…
and even if the current fees / business model had insurance…
after a claim like that… .next years insurance costs will be so much higher..
so again… the business has to pass that on.
Ultimately, the 'business' has to balance the books….
A sensible business does it over many years (hence the loan) but it has to be paid for slowly from somewhere…. or other savings made…. (job losses, less choices, less service ??)
Yes. I heard on the news during the last presidential election in 2012 about an ice cream shop that had it clearly marked on the price list that anyone claiming to be a democrat is charged double.
A company can always raise their prices when they like.
Someone is getting fired.