Insurance was a form of protection against risk that could be purchased.
In 2000, Shannon O'Donnell's auto insurance had run out. When the driver of another car asked her for her insurance information after she rear-ended him, she explained this and admitted she couldn't pay in cash for the repairs either. (VOY: "11:59")
In 2371, when Quark was despairing over business being bad, he remarked to Rom that he should have gone into insurance, citing "better hours, more money, less scruples" as his reasons. (DS9: "The House of Quark")