Events that merely reduce the productivity of your business has the same calculus: insurance helps you get back to speed quickly, and there are values in doing so.

I am not saying that ALL insurances provide values. Like any other kind of trades, you can lose values if you make a bad decision. That does not make insurance inherently zero- or negative-sum.

> When a business suddenly has a large liability, and it goes bankrupt, all that happens is that the equity owners are wiped out and the creditors take over. The underlying business can and often does continue uninterrupted, and has approximately the same value as a going concern as before.

This assumes the original owner brings no value to the business. Even in that case, the disruption itself is harmful, not to mention the assumption that bankrupted business can restructure rather than closing down.