In addition to protecting your own investment against loss, creditors require that you have adequate insurance to protect their investments in your business. Only then will suppliers extend credit.
Insurance premiums reflect potential risk.
The general wisdom is to insure against remote but potentially large accidents, as well as against more common events. For example, the chances of a gorilla waltzing into your Forest Hills auto dealership and turning over all of you cars is tiny. Therefore, gorilla insurance premiums will be extremely low. Since gorillas can do a lot of damage, the low premium might be worth never having to worry about gorillas again. However, be critical of what you are purchasing.