Your business needs insurance — there’s no question about that. But that doesn’t mean you should purchase every coverage under the sun. As strange as it may sound, there is such a thing as being overinsured. It happens when you waste your money on insurance policies you don’t even need. To avoid being overinsured or underinsured, you should take a look at all your company assets. List all property, inventory, and equipment you own and then contact an insurance agent or company. Based on the property’s actual value or replacement value, insurers will help you decide on the policies you need.