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 premiums 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.
Feb 08, 2010 at 10:39 PM
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