Fish Market Insurance Michigan Policy Information
Fish Market Insurance Michigan. Fish markets are a vital part of the supply chain, as important facilities for the sale of fish and seafood - a global market that is valued at over $159 billion.
Broadly speaking, fish markets may fall into one of two categories. A fish market may be a venue at which fish are directly told to end-consumers, but wholesale fish markets at which fish and seafood merchants procure products to subsequently retail also form an important part of this branch of commerce.
Fish markets sell fish and seafood to individuals or restaurants and other eating establishments. Products may be received directly from local fish farms, docks, or other such sources. Some may be imported from overseas through brokers and large wholesalers.
Often, markets will have fish or seafood flown in fresh to be able to offer "the catch of the day." Fish may be cut into various portion sizes, weighed, packaged, and labeled for purchase, sold whole, or packaged for personal transport.
Products may be fresh, canned, smoked, cured, dried, or frozen. Lobster and other items may be sold live. Sanitary conditions and strict housekeeping standards are crucial. Operations may be plagued by insects and rodents if standards are not set and maintained, and if disposal of food waste is not properly handled.
If you own and manage a fish market, you unquestionably provide an important role within the community. What is more, fish markets also have a significant potential for profit. The fact that your business relates to highly-perishable goods represents, however, just one of the major hazards you face.
To protect yourself from the financial fallout of the many unforeseen circumstances that could arise, it is crucial for seafood sellers to carry adequate fish market insurance Michigan. To learn more, keep reading.
Fish market insurance Michigan protects seafood markets from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do Michigan Fish Markets Need Insurance?
The owners and managers of fish markets will do everything within their power to ensure that their business operates smoothly and without incident. Fish markets remain vulnerable to a multitude of risks despite this.
Some of the risks a fish market needs to consider are universal in nature, with the potential to impact any business. Others uniquely pertain to the perishable goods sold at seafood markets.
A fish market could be hit by a natural disaster, such as an earthquake, severe storm, or hurricane, leading to extensive property damage and prolonged business interruptions. Theft, vandalism, and accidents may have an equally devastating impact on your business.
In addition, essential equipment, such as cold storage equipment, could malfunction or break down as a result of human or mechanical errors.
Liability risks form another important concern for MI fish markets. An employee may be injured in the workplace in any number of circumstances, and the same may be said for third parties like vendors or customers. In both cases, costly lawsuits could follow.
Fish markets may also face claims when a product sold at their market causes illness, when the market's activities accidentally damage property belonging to other individuals or businesses, or even in the event of unfortunate wording choices on marketing materials that lead to copyright claims.
While these scenarios are far from the only ones that may impact a fish market, they do illustrate how crucial it is to arm yourself with a comprehensive insurance plan. Were you to be solely responsible for the massive costs associated with major perils, after all, your fish market may not be able to recover.
With the right fish market insurance Michigan on your side, a large part of your expenses will be covered - so that your seafood business can continue to thrive.
What Type Of Insurance Do MI Fish Markets Need?
The exact nature of your insurance needs depends on variables that include the location of your fish market, your number of employees, the type of equipment you rely on and its value, and the size of your operation.
Because navigating the process of purchasing the best insurance can be challenging, it is imperative to consult a reputable commercial insurance broker.
Meanwhile, here is a look at key types of fish market insurance Michigan coverage that are needed:
- Commercial Property: This essential form of insurance protects your fish market from financial hardship resulting from perils that lead to property damage and loss - such as acts of nature, theft, vandalism, and certain accidents. Note that outdoor as well as indoor assets can be covered.
- Commercial General Liability: When a third party is injured on your premises, or your fish market's activities lead to the damage of third party property, costly and time-consuming litigation is nearly inevitable. This type of fish market insurance Michigan coverage covers your attorney fees, settlement payments, and other legal costs, so that you don't have to.
- Equipment Breakdown: Specialized assets such as cold storage equipment can be extremely expensive to replace. Should they suddenly break down and require replacement or repair, equipment breakdown insurance covers the costs.
- Workers Compensation: From lower-back injuries due to carrying heavy loads or accidental slips on wet surfaces, fish market employees can be injured in a wide variety of ways. Should this happen, workers' compensation covers their medical expenses as well as any lost income.
Keep in mind that you may have more complex fish market insurance Michigan requirements. For that reason, it is vital to talk to a commercial insurance broker, from whom you will receive advice pertaining to your unique circumstances.
MI Fish Market's Risks & Exposures
Premises liability exposure is moderate to high and is relative to public access of the premises. Trips, slips, and falls are major concerns. Housekeeping should be excellent and spills must be cleaned up promptly. Floor coverings must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring.
Steps and uneven floor surfaces should be prominently marked. There should be well marked sufficient exits with backup lighting systems in case of power failure.
Parking lots and sidewalks need to be in good repair, with snow and ice removed, and generally level and free of exposure to slip and falls. Outdoor security and lighting must be consistent with the area.
Products liability exposure is high due to the possibility of food poisoning, contamination, spoilage, foreign objects in the product, and allergic reactions. Monitoring the quality of food received, posting lists of ingredients, and maintaining proper storage temperature can reduce this exposure.
The workplace must meet all FDA specifications for sanitary working conditions and be arranged to prevent foreign substances from entering the processing area. There should be controls in place to prevent contamination from chemicals such as insecticides and pesticides used for pest control.
The stock should be regularly rotated so older stock is sold first. Out of date stock must be removed on a regular basis and discarded. Product recall procedures must be in place for quick activation.
Workers compensation exposure is high due to lifting large slabs of fish or heavy cartons that can cause back injury, hernias, sprains, and strains. Floors may become slick, resulting in slips and falls. Diseases may be transmitted by handling fish and seafood.
Repetitive stress injuries such as carpal tunnel syndrome can occur, as do cuts and injuries from saws, grinders, and other fish slicing or processing equipment, foreign objects in the eye, and hearing impairment from noise.
Anhydrous ammonia refrigerants are poisonous when leaked into confined spaces such as coolers. Controls must be in place to maintain, check, and prevent such injury.
Employees should be provided with safety equipment including guards on machinery, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting.
Lobsters and crabs can cause injuries with their claws. In any retail business, hold-ups are possible, so employees should be trained to respond in a prescribed manner.
Property exposure is from electrical wiring, processing equipment, refrigeration units, and heating and air conditioning systems. All wiring should be current and up to code. All machinery should be grounded to prevent static buildup and discharge. Due to its combustibility, an ammonia detection system should be in place if ammonia is used as a refrigerant.
Spoilage exposure is very high if refrigeration equipment malfunctions or loses power. A small fire or a power outage of even moderate duration can cause all live, fresh and frozen goods to be condemned as unfit for consumption or sale.
Alarms and warning devices must be in place to alert the operation when there is a loss of power. Backup power sources, such as a generator, should be available. Theft is a concern as some types of fish and seafood are high in value and easily fenced.
Appropriate security measures should be in place, such as keeping more expensive seafood behind glass and inaccessible to customers, and having security mirrors prominently displayed throughout the store. Premises alarms should report to a central station or police department after hours.
Equipment breakdown exposures are high as operations are dependent on processing and refrigeration equipment.
Crime exposures are from employee dishonesty and loss of money and securities. Background checks should be conducted on all employees. The inventory must be under the supervision of more than one individual so that there are checks and balances.
All orders, billing, and disbursements must be handled as separate duties. Regular audits must be conducted. Money should be regularly stripped from the cash drawer and irregular drops made to the bank during the day to prevent a substantial accumulation of cash on the premises.
Inland marine exposures include accounts receivables from billings to customers, computers to track inventory and sales, and valuable papers and records for quality control, regulatory, and suppliers' information.
Business auto exposure may be limited to hired or non-owned liability from employees using their vehicles to run errands. If delivery services are provided, only company vehicles should be used.
Drivers must have appropriate licenses and acceptable MVRs. Vehicles should be properly maintained, and records retained.
Fish Market Insurance Michigan - The Bottom Line
To protect your seafood market, employees and customers, having the right fish market insurance Michigan coverage is important. To learn about your commercial insurance options, how much coverage you should invest in and the cost - speak to a reputable commercial insurance agent.
Michigan Economic Data And Business Insurance Requirements
Business owners who are interested in establishing operations Michigan must have a thorough understanding of the state's economy. They should also familiarize themselves with any regulations and limits that state may have in place for commercial insurance.
Any entrepreneur who is thinking about starting a business in the Great Lake State first needs to determine if it's a feasible location for business operations. As such, it's important to have a keen understanding of pertinent details regarding the economy of Michigan, in addition to the types of insurance coverage that are mandatory for corporations that operate within the state.
Economic Trends for Businesses In Michigan
After a long period of stagnant job growth in the early part of the 21st century, MI has been experiencing a steady increase in employment gains. Between 2009 and 2018, the state has enjoyed a period of uninterrupted job growth; the longest stretch of job growth since World War II. According to economists at the University of Michigan. While there has been a slight decline in the rate of job growth, job creation continues and forecasters say will continue for the next two years, into 2021.
In 2018, an estimated 55,200 jobs were created; in 2019, it's expected that 35,800 jobs will be created, and in 2020, economists believe that there will be a total of 39,300 jobs created in Michigan. While that rate of growth is 1.9 percent slower than the job growth rate between 2011 and 2016, it is still a steady increase overall. In total, approximate 683,200 jobs will be created in MI between 2099 and 2020; almost four out of the five jobs that were lost during the early part of the 21st century will be recovered.
While the unemployment rate has steadily improved, it is still above the national average. In March of 2019, the national unemployment rate was 3.8 percent, while in the state of Michigan, it was 4.0 percent. Mid-Michigan has experienced the largest growth rate in the state, and according to forecasters, it looks like that trend will continue, moving forward. Industries that are expected to see the most growth include:
- Energy, due largely to research and development in clean energy
- Food and agriculture
- Transportation and mobility
- Healthcare industry
- Information and technology
In the state of MI, business owners are not legally required to carry liability insurance; but most entrepreneurs opt to invest in a General Liability or Business Owner's Policy (BOP). A commercial auto insurance policy is also required for any businesses that use motor vehicles to conduct any aspect of their business operations. Workers' compensation insurance is also required for any businesses with non-owner employees. While the following forms of coverage are not required, depending on the type of business you operate, they are recommended:
- Data breach insurance
- Business income insurance
- Commercial Umbrella insurance
Additional Resources Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Antique Dealers
- Appliance & Electronics Store
- Army Navy Surplus Stores
- Art Dealers
- Art Gallery
- Arts & Crafts Supply Stores
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Cell Phone Stores
- Clothing Store
- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
- Embroidery Services
- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Funeral Home
- Furniture Store
- Gift Store
- Greeting Card Stores
- Hardware Store
- Harness & Saddle Shops
- Home Improvement Store
- Infant, Baby & Children's Clothing Stores
- Jewelry Store
- Lamp Stores
- Lingerie Store
- Luggage Store
- Meat Market & Butcher Shop
- Men's Clothing Stores
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Poultry Dealers
- Rent To Own Stores
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Trophy Stores
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
- Women's Clothing Stores
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
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Also find MI local small businesses by General Liability Class Code and learn about Michigan small business insurance requirements for general liability, business property, commercial auto & workers compensation including MI business insurance costs. Call us (313) 344-7177.