As a seafood business owner, you know the importance of sourcing fresh seafood, but you also need to protect your property, employees, and yourself from unexpected risks. Eating bad seafood can result in much more than a stomach ache, which is why an independent insurance agent can help you stay protected.
Whether an incident occurs in your market, on your property, or as a result of consumption of your seafood, before you start sharing the taste of the ocean, make sure your business is properly insured. An independent agent can help you shop for business insurance packages and find a comprehensive set of policies that work for you. To start, let's learn about available insurance options.
Why Does My Seafood Market Need Insurance?
It's good business to protect your seafood market from an event that could occur on your property or as a result of your products. This means a combination of liability and property insurance. Owning a seafood market takes time and money, and that can all be taken away with one unfortunate incident.
A good insurance package for your seafood market will protect you against:
- Damage done to your business building
- A customer getting ill from your products
- Being sold a bad product from a vendor that then hits your shelves
- Spoilage of your seafood while it's in your market
- Injuries that might occur in your market on your property
- Theft, burglary, and robbery
- Employee dishonesty
- Data breaches
- Your equipment breaking down, like your freezer where you market your seafood
- A utilities interruption
- Any automobiles that may be used for business
- An employee getting injured on the job
Fortunately, this long list of risks can be covered by a variety of insurance policies that can be combined into one package.
Start Your Seafood Market Out with Good Property Insurance
If you don't have a building or space to sell your seafood out of, then you don't have a seafood market. Perhaps the most important thing you need to protect is the building that holds all your products. Property insurance is designed to protect you from the financial losses you may face should your property be damaged by a covered event. You'll want to discuss the following options with your insurance agent.
- Building coverage: Whether you own the building where your seafood market is located or not, you'll want to look into building coverage. If a fire occurs and burns down your building, are you or the landlord responsible? Events like severe weather, fire, vandalism, and falling objects are all covered in building insurance.
- Business personal property coverage: Even though you're running a business, you still own the property that makes up that business, like your office equipment, shelving, glass cases for seafood display, your inventory of seafood, signage, etc. Business property coverage protects all these things during a covered event.
- Boiler and machinery coverage: Seafood markets require a variety of equipment to run. From the equipment used to keep your seafood fresh to building equipment like heaters and air conditioners, boiler and machinery coverage pays if any of this equipment breaks down. It will pay to replace the machinery if necessary or any costs to repair.
- Spoilage insurance: Spoilage and food are two words you never want to hear in the same sentence. If your seafood spoils due to a broken freezer or refrigerator, spoilage insurance will cover the loss of these products. It won't cover spoilage due to improper handling and storing of seafood.
Add the Proper Liability Insurance for Your Seafood Market
Now that your property, inventory and personal possessions are protected, you need to make sure that an unexpected injury doesn't put you out of business. Buying seafood isn't exactly dangerous, but should a customer slip and fall in your market or have a shelf fall on their foot, you could get sued for everything you own. The following insurance options protect you from a wide variety of liability risks.
- Premises liability insurance: If someone slips and falls inside your market or gets in an accident with one of your seafood trucks in the parking lot, this provides coverage for the damage.
- Product liability insurance: If your seafood makes a customer ill or your market is a victim of seafood with bacteria like vibrio, this protects you against potential lawsuits.
- Auto liability insurance: If you provide a delivery service or operate vehicles specifically for your business, then you'll want to buy auto liability insurance. If employees use their personally owned vehicles to do work-related jobs or make deliveries for your market, you can be held liable if they are involved in an accident while driving on these errands. In this case, you would need hired or non-owned auto insurance in order to be covered.
- Cyber liability insurance: If criminals decide to target your computer system and access customer information, including credit card numbers, cyber liability protects you from being sued by your customers whose credit card information was stolen.
- Employment practices liability insurance: This insurance provides your seafood market with coverage if an employee sues your business for a perceived illegal business practice such as discrimination, wrongful termination, or harassment.
- Umbrella insurance: Because insurance companies impose caps on the amount of liability insurance they are willing to provide, umbrella insurance may be necessary if you feel that you need extra liability coverage in order to adequately protect your seafood markets' finances. Umbrella insurance takes over where your other liability coverage leaves off.
Complete Your Seafood Market Insurance with Additional Coverage Options
With your property and liability insurance covered, there are still some risks to your business that need attention. The following insurance options can round out your seafood market insurance package.
- Workers' compensation insurance: Unless you're running a one-man shop, you most likely will be required by your state to offer workers' compensation insurance. If an employee is injured on the job, this takes care of the bills associated with the injury.
- Business income insurance: If a covered event, like a fire or burglary, causes your market to close its door for several months, business income insurance provides compensation for the lost income you experience while your market is rebuilding.
- Flood and earthquake insurance: Floods and earthquakes are not included in general commercial insurance policies. If your seafood market is located somewhere prone to these natural disasters, this insurance can help protect you in the event that one of these disasters damages your market.
- Employee dishonesty insurance: If you discover an employee engaging in financially damaging, illegal behaviors while on the job, employee dishonesty insurance will cover any financial losses your market faces as a result of your employees' actions.
- Communicable disease insurance: Seafood markets require several people to handle products before they're up for sale. Should a customer get ill from a disease spread from an employee to a customer, communicable disease insurance is there.
An Independent Agent Can Help You Find the Right Seafood Market Insurance
If you build your seafood market insurance portfolio on your own, you risk having gaps in your coverage. An independent agent in our 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 an independent agent near you to learn more and to start building a comprehensive seafood market insurance portfolio.