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Whether you are a multinational organization, or a sole proprietor running a local business, we at Pathak Insurance will find you the most suitable business insurance policy to secure the financial well-being of your business.

How is owning a reliable business insurance policy beneficial?

Every business operates uniquely. From the operations and management to the scale and even potential of risks, no two companies are equal. Whether you’re a multi-national organization, a regional company, or a fast-growing local business – it is imperative that the business insurance policy you choose works in sync with the complexities and pace of your business; aligning with the risks you stand and the growth rate specific to your business goals.

Looking for a business insurance agency you can depend on?

With decades of experience in providing quality commercial insurance coverage to all formats of businesses, our team at Pathak Insurance understands the coverage requirements based on the risk profile of your business before recommending policies tailored for your business.
We specialize in building a business insurance package that includes Liability, Business Property, Workmans’ Compensation, and Error & Omission.

Our clients experience a 360 degree, individualized insurance guidance that is dependable and hassle-free. We believe the financial safety of your business is our business.

Get access to policies from the best commercial insurance providers

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Business Owner's Insurance Policy (BOP)

The Business Owners Insurance Policy (BOP) is intended for main street businesses. It combines office building, personal property, and liability insurance coverage with other attractive options into one package. Holding an appropriate insurance policy can provide comprehensive coverage for the office buildings and contents owned by the company and also cover the losses or additional expenses caused by natural calamities or the impairment your business may cause to others.

At Pathak Insurance, we assist you in finding the right business owner’s policy that combines commercial liability with commercial property insurance, typically at a lower rate. With the right package, you can cover personal property and avail additional attractive options as well.

Commercial General Liability

No trade is resistant to events that meddle with the goodwill and stable functioning of a business. And unless you have insured yourself with a commercial general liability policy, you’ll end up paying a hefty sum as the cost of your defense in the misfortune of a lawsuit filed by a third-party.

Commercial general liability insurance, also known as general liability insurance coverage, protects you from claims for bodily injury, emerging medical costs, and damage to someone else’s property. The employment practices liability insurance, however, is not covered under the general liability insurance policies.

EPLI (Employment Practice Liability Insurance) protects you against the financial stress that your company can face in case of Discrimination, Harassment, or Wrongful Termination towards an employee. No matter how justified your behavior could be, if an employee challenges you in the court on account of it, you will have to pay for defending yourself unless your business owns an ELPI policy. We can help you find an appropriate insurance policy oriented to the risks specific to your business.

Worker’s Compensation

If you run a business, your employees can sue you in case they suffer injuries or illness while on the job. With the worker’s comp, employers can provide state-mandated benefits to their employers in case of such mishaps. This helps both parties avoid lawsuit hassles and the potential losses that can accompany such situations. It is always advisable to find the best workers’ compensation insurance policies tailored to the needs and size of your business.

There are two types of Workers' Compensation Coverage

Ordinance or Law Coverage – provides coverage for the necessary demolition of the undamaged portion of your building and subsequent upgrades to meet current building codes after a covered loss.

Employers Liability Coverage: Additional coverage that protects employers if they are sued for damages as aforementioned. In this case, the employee or a dependent, who is not covered by workers’ compensation laws, has to prove that the employer was legally responsible for the employee’s loss.

Commercial Property

In case of theft, damage, or destruction, a property loss can cripple the operations of your business until repairs are made. This can result in a cutback or even losses in your income which can cause both temporary and permanent scars to the growth of your company. A business property insurance policy can provide you with several coverage options that can reimburse your loss of income and pay for the necessary additional expenses, to keep your business running – making it one of the most important insurance every enterprise should have.

This insurance covers and protects property used for commercial purposes, including buildings, and permanently installed machinery at the premise. It also pays for damages to your commercial personal property or any leased business personal property used for your business, a property of others left in your care for which you are legally liable, and sales samples. This policy also protects your property while in transit or while at temporary locations you do not own or lease.

Your commercial property insurance package can offer the following coverage options

Ordinance or Law Coverage – provides coverage for the necessary demolition of the undamaged portion of your building and subsequent upgrades to meet current building codes after a covered loss.

Inflation Guard Coverage – provides coverage for inflationary increases in your building and business personal property values. The limit of insurance on your policy automatically increases at the annual percentage rate you prefer.

Equipment Breakdown Coverage– provides coverage for loss resulting from the sudden and accidental breakdown of machinery and equipment used in your business.

Utility Services – provides coverage when a covered loss to a power, communication, or water utility interrupts service to your premises, which then causes a covered loss to your building, business personal property, or loss of income.

Automobile Liability

Any business that requires the use of vehicles, whether it’s a single company car, an entire fleet of trucks, or anything in between, needs commercial auto insurance. Commercial automobile liability insurance covers injuries or damages suffered by a third party in an accident caused by a driver, the employer, or any of their employees in an insured commercial vehicle. It could be a delivery agent making deliveries to customers and vendors, or a driver in charge of moving employees and staff from their residence to the place of work in an office bus; regardless of the frequency and purpose of transportation that your business demands, a commercial auto liability should be considered very seriously.

Commercial Umbrella

As its name implies, Umbrella insurance extends your coverage beyond the limits of your basic business insurance policies. Commercial umbrella insurance can be added to your business insurance package as a smart additional protection.

For instance, if your company is faced with a lawsuit by a third-party vendor or a defamation case by a former employee or even death or injury because of an employee’s negligence, such out of the blue incidents can slap a huge expense on your business’s financial immunity. Some of these losses could exceed the limits of your primary insurance unless you protect your business with umbrella insurance. To stay away from these hassles, add this coverage to your commercial insurance package.

For companies who develop or license software including SaaS startups, the insurance industry considers software a service and not a product so you’ll fall within this bucket and should always have Tech E&O in place. Technology errors and omissions insurance protects your company if one of your tech-based services fails. This type of commercial insurance provides coverage for crisis management expense, and business interruption.

Storing details of clients, employees, customers and other business stakeholders electronically is now considered a standard operating process in any progressive and developed business. However, for many business owners, this comes with its share of data security concerns. Cyber Liability policies are specifically designed to cover the costs associated with a breach of third-party data in the event the data is lost or stolen.

It protects business owners against expenses caused in the event of data breach, third-party multimedia liability, extortion liability and network security liability. Cyber Insurance should not be confused for Technology Errors & Omissions insurance, because the latter is mostly intended for business owners who deal with tech-based software as their main business offering. An insurance expert will play a key role in helping you put together a policy package that mirrors the needs of your business.

Crime

Fraud, robbery, theft, and forgery do not judge the size of your business before barging in and drilling a hole in your business’s financial security. Especially if you deal in cash or online payments, years of hard-earned cash can vanish in a matter of minutes, if your business is not insured per the type of business. Business crime insurance or commercial crime insurance is a policy that protects businesses against losses that arise because of business-related crimes. Business crime policies need to be purchased separately as your regular commercial property insurance is not mandated to cover these losses. The commercial crime policy you purchase must fit your type and industry of business.

Testimonials

Namita Shah
Kiddie Academy of Gaithersburg

As a small business owner balancing various tasks towards the smooth functioning of our business operations, we have been fortunate to cross paths with Pathak Insurance. The team was able to recommend plans that suited our business and employee needs and effectively able to get our health insurance plans in place. This had proven to be a struggle with past insurance agents and companies. Parth took the time to carefully understand our needs. The plan provisions have proven to be an effective recruitment and retention tool for us. We have since expanded the plan offering at our second location as well. The level of service and responsiveness remains unchanged, timely and professional. We continue to enjoy the working relationship, one which is personalized to each client’s needs.

FAQ

What is the difference between general liability and professional liability coverage?

While general liability coverage covers costs for bodily injury or property damage to a third party, professional liability coverage protects your business against misleading or wrong advice or guidance. Every time you give professional opinions, or guidance, you are vulnerable to a professional liability claim.

Do I need business income insurance for a small-sized business?

Commercial income insurance provides reimbursement for the lost revenue after a covered insurance loss. Eligibility for a business income insurance depends on certain factors. For a company that does not have a physical address that is crucial to its business, such as a contractor, business income insurance is probably not necessary. For main street businesses or storefronts, like a coffee shop, business income insurance is essential.

How to determine whether I am a large or small employer?

The number of employees determines the size of an employer. An employer with 50 or more full-time employees, including FTEs, is considered to be a large employer. A number fewer or equivalent to that puts you in the category of a small employer.

Is business insurance tax deductible?

As per the guidelines published by the IRS, business insurance is tax-deductible as long as the policy coverage is for costs incurred to carry on business, profession, or trade. There are coverages with exceptions. Talk to your insurance agent for details.

Does healthcare reform apply to my company?

Effective January 1, 2015, if you are a company that employs 50 or more full-time employees, including full-time equivalent employees, you must offer an affordable group health plan to them (and dependent children up to age 26) or will have to pay the penalty. This arrangement is not mandatory for small businesses, those with fewer than 50 full-time employees.