You should carry insurance for you and your gear.
There is no good reason to risk your livelihood to “save” a few hundred bucks a year. Consider the expense part of your business, and budget accordingly, just as you would for a new widget or focus motor.
Insurance for you is called liability insurance, and it protects you when you accidentally drop your Steadicam on the leading actress's big toe. It is generally very inexpensive insurance, and you'd be foolish not to have it.
Buying insurance for your equipment can be a bit more complicated, because exactly what is covered, under what circumstances, for how much, and with what sort of deductible can vary quite a bit. In general, you will want a “replacement value” ...