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Remember that insurance is to protect against loss you can't afford to suffer. It's a gamble, of sorts, when you buy a policy believing that you have a greater chance of experiencing some sort of loss that might ruin you, and so you pay for "protection." Over a period of time, if your gear gets stolen or damaged and you have a claim, the policy might very well pay for itself. On the other hand, you might never have a claim and your premiums are simply lost to you (well....you would at least have gained peace of mind by having the policy!).
Some people might choose to "self-insure" where they set aside money they would have spent on insurance premiums and use that as an emergency fund to replace/repair their gear in the event that someone really does happen.
These days, in a business situation, I think you have to have the liablity insurance. In my state, you are required to have a minimum amount and type of car insurance. As for insurance on the gear of the average Joe, that's not always so cut and dried.
Edited on Feb 09, 2010 at 03:40 AM · View previous versions
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