I just replied to another post concerning insurance. Thought you might be interested since we're from the same area. I've had Grange Insurance for the past six years. I pay $352 annually for $1,000,000 / $2,000,000 business liability and have $15,000 of coverage for stolen equipment included. It paid off last fall when I had a walk-behind blower and a backpack blower taken from my truck. I do have a $500 deductable, but a check for $700 was sent to me from Grange within two weeks.
Six years ago I could only get $5,000 worth of theft coverage, but my coverage allowance has increased each year since. Check with a local Grange agent if you're interested.
What you said does seem logical, but if one becomes an insurance abuser, they lose their coverage or pay dearly for it!!!