I don't know what difference the exact model makes when talking about a blown main fuse, as all Hondas have one, just like all people have ass-holes. 
"Would help to know what year/model for diagnosis"
Scottly, there's more to these CB550 fuses than you might think. You probably know ALL CB550s have
three fuses and not just one. But there's more. It looks like there is an error in the Honda wiring diagrams, both in the Owner's Manuals as well as in the Shop Manual Honda CB500-550. In all these schemes the 15A (Main) fuse is depicted in the middle position. Now my bike, a CB500K2-ED also has these three fuses, but
in spite of similar wiring diagrams that cover
my model, the 15A fuse actually is in the last position, closest to the rear and that's where it
should be. So the fuse box's cover and its grommet (see pics below) have it right, indicating the order: 5A, 7A, 15A and all three wiring diagrams (ED, F, G) by Honda (!) are, well confusing to say the least.
According to the combined CB550, CB5501, CB550K2 parts list*, these three CB550 models
all have exactly the same fuse box cover and grommet as my model CB5
00 has. Now if you would follow Honda's diagrams - let's assume your fuse box cover is missing - and fit the 15A in the middle, then that it is not much of a problem, however if you would as a consequence fit the 7A fuse in the wrong position, there's a good chance it will blow. Not every 45 year old CB550 has that informative fuse box cover still there... If you (or anyone) would have the fuses mixed up and have a fuse blown leaving you wonder why, wouldn't you like to know? Forsaid CB550 models were
not imported in Europe, so for verification we depend on feedback from US members.
Finally, you and I have been here long enough to understand that info is not supposed to
exclusively go one way... Let's wait and see if US CB550 owners are willing to communicate what situation they have on their model**. I'm confident that can be done without referring to body parts and without calling each other names. Thank you very much.
*
page F12 in: http://www.honda4fun.com/pdf_parts_list/pdf_spac550/CB550-K0-K1-K2/CB550-K0-K1-K2_08.pdf**
This concerns the models CB550(K), CB550K1 or CB550K2.