Business Insurance

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Who decides how much my business property is worth?

Property insurance can be purchased on the basis of the property’s actual value, on its replacement cost, or on an agreed amount. The differences between the three are:

Actual Cash Value

The replacement cost of the item minus depreciation. For example, a new desk may cost $500. If your seven-year-old desk gets damaged in a fire, it may have depreciated 50 percent. Therefore, you would receive $250 for the desk.

Replacement Coverage

Replacement coverage is the cost of replacing an item without deducting for depreciation. So today’s cost for a desk of a size and construction similar to the seven-year-old one damaged by fire would determine the amount of compensation. If it costs $500 today, then you would receive $500 for the desk under the replacement coverage.

Agreed Amount

Art objects, antiques and other unique items are usually insured at an amount agreed upon when the policy is being written. An appraiser values the goods to be insured and the business owner and the insurer agree upon an amount that the insurer will pay if the goods are destroyed due to a covered peril.

Check your policy. If you prefer replacement coverage and do not already have it, this coverage can be added to your policy. Inflation-guard coverage, which automatically increases your insurance amount a certain percentage, protects against rising construction costs. Your agent can advise you of the costs involved.

Business Liability Insurance

Business

With partnerships with over 200 insurance carriers, we can provide customized insurance programs for small, mid-size, and large companies to fit your company’s insurance needs and budget.

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Professional Liability Insurance

Specialty programs

We understand that there is no one-size-fits-all insurance policy. Quantum Source is here to help you find what works best for YOUR business.

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Personal Insurance Near Me

personal

Whether it’s finding the right insurance for your teenager’s first car or securing the right coverage on your first home, we work with you to establish a plan that protects you financially from personal risks.

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Risk Management

risk management

Quantum Source can assist you in navigating through tough insurance decisions, and help you maximize insurance dollars by protecting those you love the most at an affordable cost.

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