Equilibrium-independent dissipativity (EID) is a recently introduced system property that requires a system to be dissipative with respect to any forced equilibrium configuration. This paper is a detailed examination of EID with quadratic supply rates for a common class of nonlinear control-affine systems. We provide an algebraic characterization of EID for such systems in the spirit of the Hill-Moylan lemma, where the usual stability condition is replaced by an incremental stability condition. Based on this characterization, we state results concerning internal stability, feedback stability, and absolute stability of EID systems. Finally, we study EID for discrete-time systems, providing the relevant definitions and an analogous Hill-Moylan-type characterization. Results for both continuous-time and discrete-time systems are illustrated through examples on physical systems and convex optimization algorithms.