When your business needs protection from unexpected events, there’s only one name you can trust. Eccher & Associates Insurance Agency is the leading company in Millstadt, IL, providing customized commercial insurance plans. Whether you own a restaurant, hotel, or work as a contractor, we guarantee our expert agents can find the right policy for you. In addition to standard commercial insurance policies, our insurance agency also offers group health and retirement plans.
Ecchers & Associates Insurance Agency will help you understand your plan, as well as explain the benefits of each type of coverage and liability protection. To further help our clients, we’ve created an FAQ to answer the commonly asked questions our agents receive.
Q: What is fire legal coverage?
A: This coverage protects you if you rent a business space and are held responsible for any fire damages within the space.
Q: What is the difference between Replacement Cost (RC) and Actual Cash Value (ACV)?
A: Replacement cost is the current cost to replace any property. Actual cash value is the replacement cost minus depreciation of any damaged or stolen property.
Q: What does 80 percent co-insurance mean?
A: Insurance carriers require that an insured party secure at least 80 percent of the property’s value to collect a partial loss in full.
Q: Does my policy cover physical damage to a vehicle I rent?
A: The physical damage coverage only applies to vehicles that are purchased.
Q: Can other people drive my business vehicle?
A: Other people may drive your business vehicle with permission, but they must be listed on your insurance policy if they are regular drivers.
Q: How does an audit work?
A: At the end of a policy term, an insurance company may charge or credit a policyholder based on an audit of estimate figures, including sales and payroll. Audits can be performed on site or via mail and telephone.
Q: Why do I need certificates of insurance from subcontractors?
A: An audit may require you to show proof that subcontractors had their own insurance coverage. The subcontractors’ certificates of insurance will prevent you from being charged for their exposure.
Q: What is general liability?
A: General liability provides coverage if you are legally responsible for damages to other individuals on your premises, from general operations (ongoing and completed), and products that are manufactured or sold.
Q: What does products/completed operations mean?
A: This refers to liability coverage caused by your operations/services or products after you no longer have control of them.
Q: What is business interruption/extra expense coverage?
A: This coverage provides protection from income loss and expenses required in establishing a temporary site during repairs due to fire damages or other compensable losses.
Q: What is the difference between “named insured,” “first name insured,” and “additional insured?”
A: Named insured are those listed by name in the insurance policy. First named insured is the first person who is “named insured” in the insurance policy. In this case, the first person acts as the legal agent for all other names in the policy and is responsible for payment of the premiums. Additional insured is an entity to which a policy’s coverage is extended and must be added before a claim is paid. An additional insured name must also have a tied relationship to the named insured.
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