Help a PVP Noob: What to do when your mast is down?

I'm not in the game for PVP, but if it happens I want to be able to defend myself.

We were recently attacked on a 2-player Sloop by another Sloop. In the very first volley, they shot down our mast, and we never recovered and in fact were sunk in no time. I'm wondering what we could have done better. They were on our side and simply cannoned us wherever we went. They got off our broadside, and when we tried to pull the mast back up, they shot us down there. And of course, the second guy boarded us meanwhile.

Was resistance actually futile? What do you do in such a situation?