Safeguard your seafood business with industry-specific insurance solutions from McSweeney & Ricci
While Massachusetts’ seafood industry has always been strong, there has been exponential growth in recent years. In fact, the ex-vessel value of seafood landed in the Commonwealth jumped $242 million dollars from 2020 to 2021, according to the State’s official website.
Effectively managing risk is a critical aspect of running a successful seafood business — from wholesale marketplaces to the distribution operations of processors and canneries. McSweeney & Ricci Insurance, partners with your Massachusetts seafood company to pinpoint your specific risk factors and address them with customized insurance solutions suited to your budget.
We’ve helped members of the seafood industry stay protected with flexible and affordable business insurance since 1964. To discuss Insurance for Massachusetts Seafood Distributors and Wholesalers contact a member of our Commercial Insurance Division at (844) 501-1359.
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Custom insurance for Massachusetts seafood distributors and seafood wholesalers
Like all other Massachusetts businesses, seafood distribution and wholesale businesses are required to have workers’ compensation coverage. If your operation utilizes fishing vessels, barges, supply boats and other watercraft, you’ll need commercial marine insurance too. Similarly, your fleet of trucks and other ground transportation vehicles are required to have commercial auto insurance. However, state insurance minimums often cause insureds to pay out of pocket in the event of a claim. Our team will help select the proper levels of coverage and will recommend additional coverage to ensure your specific risks are addressed.
A few options we recommend including in Insurance for Massachusetts seafood distributors and wholesalers are outlined below.
- Spoilage-Your business requires you to keep a large inventory of frozen or refrigerated seafood. If that inventory were to spoil, you need to be able to recoup your financial losses. Spoilage is added as an endorsement to a typical Business Owner’s Policy (BOP). It provides coverage for loss of perishable stock stored at the insured property. Most spoilage endorsements cover losses from breakdown or contamination as well as power outage.
- Cargo Insurance (Refrigerator Breakdown)-A cargo policy covers losses that occur during transportation of goods. Refrigerator breakdown or reefer coverage can be added to a cargo policy to protect against the spoilage of goods being transported due to a malfunctioning refrigeration unit.
- Business Personal Property- Typically included as part of a Business Owner’s Policy (BOP), this coverage helps protect your building and equipment from perils such as fire and theft. It also provides for lost income if your business can’t operate because of covered property damage and can be extended to include off premises coverage.
- Business Income Extra Expense-Also known as Business Interruption this important coverage protects you when your business is forced to shut down temporarily due to a fire or other covered loss. It helps replace income and other covered expenses like payroll and rent, while your property is being repaired.
Your seafood business is your livelihood. Make sure your operation is protected by quality insurance for Massachusetts seafood distributers and wholesalers from McSweeney & Ricci. Request a quote here on our website or call (844) 501-1359 to get started today.