I took a slightly different route, I used a low pressure diaphragm switch (like for a well or air compressor). Placed it in a tee in the first connection in the basement, if you lose pressure the switch opens which opens a constant duty relay and it kills power to everything until the water level is replenished. Have a momentary on pushbutton switch to act as a bypass or primer until the pump builds pressure.
Only needed it once so far when an older style of compression fitting failed the year after I got my boiler hooked up and running.