In New Brunswick, the fisheries industry is big business and many of us make our living from the sea. In fact, commercial fishing is a multi-billion dollar industry here and if you run a seafood processing company, your business is just as important as the people retrieving the fish, lobsters, and other delicacies from the local waters. If you want to make sure your financial interests are fully protected, you need the best seafood processors insurance possible and can’t afford to lessen your coverage to save on costs. Here is an example story which demonstrates the value of getting the right coverage.
Fred R has been in the seafood processing business for many years. In fact, his father and grandfather did basically the same thing. However, recently Fred expanded his operation so he could process more lobsters and crabs, to increase his profit margins.
Fred figured his aquaculture insurance was sufficient, but just in case he went to see his insurance professional. After all, risk management was nothing to be taken lightly and Fred knew to get professional assistance in areas he was not familiar with. This is something he learned from his father a long time ago.
Fred’s broker advised him to take out replacement cost coverage for his new processing plant. In just a few years time, the cost to replace this facility (should it be destroyed) could increase 10 or maybe even 20 percent and standard insurance would not be sufficient. Plus, the broker advised Fred to raise several of his other seafood insurance options.
About seven months later, Fred’s company has just finished processing an entire shipment of lobster meat and it left his facility at 6 pm that evening. The next day he got a call informing him the truck had been in a terrible accident and the entire shipment would be a complete loss.
Fred contacted his insurance broker and the broker told him it was a good thing Fred raised his inland marine coverage, because the shipment of lobster was significantly more than his old limits would pay for. This ended up saving Fred’s company many thousands of dollars.
What is Seafood Processors Insurance?
If your company processes fish, lobster, or other sea foods, your business is unique to all the others. As a result, your risks are also unique and your insurance coverage should reflect that difference. This is why seafood processing insurance was created. It meets the needs of the modern day seafood processing plant.
Who Should Have an Aquaculture Insurance Policy?
If you are in the seafood business you should consider insurance customized to your company. Aquaculture is defined as cultivating, farming, and processing seafood. These businesses will need special insurance:
- Fresh seafood processors
- Seafood canning services
- Fisheries
- Any business that processes seafood
What is Standard Seafood Insurance?
Like any business you will need commercial insurance like:
- Property insurance – can include “all peril” or “named peril” coverage
- Liability
- Commercial auto insurance
- Building contents
- Processing equipment coverage
- Food spoilage protection
- Inland marine insurance – cargo insurance for your goods while they are in transit
Seafood Processors Insurance Options
Your insurance needs could be quite different from businesses similar to yours and here are some options you may wish to consider:
- Business interruption insurance
- Off premises coverage
- Office equipment – can include computers, fax machines and printers
- Boiler insurance
- Flood insurance
- Product liability insurance – what will you do if your processed seafood makes customers ill?
Seafood processing Insurance in New Brunswick – Getting it Right the First Time
It is of the utmost importance to have the right insurance in place at all times. Once you find out you made a misjudgement or error in coverage it could be too late and you may be dealing with a huge financial setback. Your business and the futures of all your employees depend on you successfully managing your business risks and you should have professional help with this matter.
Professional Assistance from Vienneau Insurance
When you come to Vienneau Insurance you will not find an insurance rep that is here to simply sell you a policy and collect a pay check from the company. Our people are independent insurance brokers and they are not working for an insurance company and this is good news for you.
An insurance rep who works for an insurance company can only sell you what that one company has to offer. If there are better deals elsewhere he does not want you to be aware of them or he could lose your business. Your commercial broker from Vienneau Insurance wants you to be aware of many different offers and helps you choose the best coverage and the lowest available premiums for your business insurance.
We take care of all the hard work associated with finding the right insurance and you reap all the benefits. We are in the lobster capital of the world and we know all about seafood insurance. Don’t take chances with your business and the future of your employees. Come to Vienneau Insurance today for a free no obligation quote on your insurance.
