Let us see the world without insurance and the answer will come up to you. Each businessman should manage the loss himself, and he should set lots of plans for mitigation. Labors injuries, burning of buildings, accidents of cars, and so on. He should pay a lot of money to cover these incidents and you can imagine more risks yourself.
On the personal level, we should face all incidents which reach our equipment, assets, and include new diseases. Nowadays, one item we cannot afford if the situation becomes worse. Insurance charges you small fees to have a policy and renew it yearly. You can manage when you need one based on your expectations. It is not 100 percent necessary to buy one of their products. Yet, it is your duty to protect yourself, your family and your business.
Buying things again is something expensive. You might have the blessing that nothing bad happens to you, your family or your business. Though for sure, you are still an ordinary person. Risks show how you interact with life and how many areas you cross.
In brief insurance can protect what is valuable to us, and we could not buy it again. It does not matter is it your car, house, or any kind of assets. They cover almost all kinds of risks you can imagine and they conduct quickly to anything new.