The worst time to find out you do not have enough insurance, or the right insurance, is when you need it.  Even if you have all your assets tied up in an asset protection trust you still need an attorney to explain the trust to the judge and the opposing attorney.  Paying an attorney to defend you is an expensive proposition.  Equally to the point, you can protect your assets with a trust, but a judgment creditor can still get at your income.  Better to pool your risk along with lots of other insureds and let insurance pay the attorney and any judgment.

The same goes for a business.  You can operate through a limited liability company like a corporation or a LLC.  Instead of explaining why you are entitled to the protection of your corporate format, let the lawyer paid by the insurance company do it.  Even though your LLC might limit damages to the assets of the company, if the plaintiff takes all the assets of your LLC, what will you do then?  Again, insurance will not only pay the lawyer to explain, it will also pay the lawyer to defend you and pay any judgment that might come.

You should, at a minimum, insure your home and your cars.  You should have some form of health insurance.  You should investigate life insurance and disability insurance.  You should also look carefully at obtaining long term care insurance.  This is especially the case for partnership program long term care insurance.  There are a number of hybrid life insurance/long term care and annuity/long term care policies available that can match your needs.

I do not sell insurance.  I leave that to people with proper training and experience.