Fish markets are growing in popularity as the desire for healthful meat alternatives and locally sourced foods has increased. Many people enjoy purchasing their fish products from a trusted local market where they frequently enjoy personalized service and exceptional seafood. If you are the owner of a fish market, you will want to be sure to protect the investment you have made in your business with a sound commercial insurance portfolio. An independent insurance agent can help you build a suitable fish market insurance portfolio that is designed specifically for your business.
2014 Fish & Seafood Market in the U.S.: Industry Stats From IBISWorld
- There are approximately 4,648 fish and seafood markets operating in the United States.
- These stores employ more than 13,000 people.
- The fish and seafood market industry generates about $2 billion in revenue each year.
Your Fish Market Needs Sufficient Property Damage Coverage
It is important that you have the right property insurance in place to protect your fish market from financial losses if property is lost or damaged by a covered event. Property insurance types you should discuss with your independent agent include:
- Building coverage: If you own the building in which your fish market is situated, you will need this insurance to cover damage to the structure of the building. Covered events include such things as falling objects, severe weather, fire and vandalism.
- Business personal property coverage: This insurance covers the business-owned property at your fish market. It includes such things as your inventory of fish and seafood, scales, glass display cases, cash registers, signage and décor in the event that property is lost or damaged by a covered event such as severe weather, fire or theft.
- Boiler and machinery coverage: The machinery kept and used in your business is vital to its day-to-day operations. In the event that any of this equipment breaks down, this insurance compensates your fish market for the cost of repairs or replacement of the machinery as well as the cost of renting a temporary machine while the original is being repaired. Covered machinery includes heaters, air conditioners, refrigerators, freezers, thawing equipment, smoking machines, electric saws, freezers, refrigerators and more.
- Spoilage insurance: This insurance may be included with your boiler and machinery coverage; if not, you will want to be sure to purchase it as supplemental coverage. It protects your fish market from financial losses if food spoils due to a failure of your freezer or refrigeration units, by covering the cost of replacing these seafood products.
Protect Your Fish Market With the Proper Liability Insurance
A liability lawsuit can be financially devastating for your fish market unless you have the proper insurance in place. Even if the courts rule in your favor, the cost of legal defense can be significant. Talk to your independent insurance agent about the following liability coverage types:
- Premises liability insurance: If a customer or other third-party suffers an injury or property damage while in your fish market, the customer may sue you for damages. Premises liability, which is part of your commercial general liability coverage (CGL), provides coverage in such a case.
- Product liability insurance: If the seafood you sell in your store causes customers to become sickened, such as might happen with an E. coli or salmonella outbreak, your fish market can be sued for damages. Product liability insurance, which is also part of your CGL, shields your business from sustaining significant losses in this case.
- Auto liability insurance: If your fish market has business-owned vehicles, such as may be used for deliveries to and from your store, you will need to cover them with commercial auto insurance. If employees use their personally owned vehicles to run errands for your business and they are in an accident, you may be held liable for damages. Fortunately, you can obtain coverage through hired or non-owned vehicle liability insurance.
- Employment practices liability insurance: This insurance provides your fish market with coverage if an employee sues your business for a perceived illegal business practice such as discrimination, wrongful termination or harassment.
What Other Fish Market Insurance Should You Consider?
Additional insurance types you may want to discuss with your independent insurance agent include the following:
- Workers' compensation insurance: This coverage, which is required in most states, is of particular importance at a fish market where accidental injuries are commonplace. If an employee is injured on the job, this insurance covers medical bills and paid time off. It also significantly reduces your risk of being sued by the injured employee.
- Business Income Insurance: This insurance provides your fish market with a continuation of income in the event that a covered disaster forces you to close shop for an extended period while repairs are made. This coverage typically lasts until you are able to resume normal business operations, up to one year.
- Flood and earthquake insurance: It is important that you be aware that coverage against loss or damage that is caused by floods and earthquakes is specifically excluded by most commercial insurance policies. If your fish market is at risk for either of these disasters, your independent insurance agent can help you supplement your portfolio with a suitable flood insurance or earthquake insurance policy.
- Employee dishonesty insurance: This shields your fish market from financial losses in the event that an employee engages in other financially damaging illegal behaviors while on the job. Speak to your insurance agent to learn more about this coverage and its limitations.
An Independent Agent Can Help You Find the Right Fish Market Insurance
If you build your fish market insurance portfolio on your own, you risk having gaps in your coverage. An independent agent in the Trusted Choice® network can work with you to assess your various risks, suggest suitable coverage options, explain policy details and shop around for competitively priced policies that are a good match for your business. Find a Trusted Choice agent near you to learn more and to start building a comprehensive fish market insurance portfolio.