That's why they don't pay for in orbit insurance on their satellites. It's a very valid business decision because statistically it's a huge waste of money provided you have some backup. Also whatever check the insurance company might cut you will not speed up the construction and launch of a satellite so it's almost worthless to insure in-orbit in many cases, certainly not after few years as the satellite ages: premiums go up and insurance payout decreases, and in most cases, satellites that are likely to suffer a catastrophic failure begin exhibiting problems from almost day one. The infamous example of Echostar IV is a really good example considering the many problems that satellite exhibited from day one, dish was still able to get a fair amount of use out of it with careful management. You do in-orbit insurance if if you don't already have the money or means to get the money to replace that satellite. Dish, DirecTV etc. have plenty of money to immediately contract for construction of a new satellite and its subsequent launch and it won't bankrupt either company if they don't have insurance to pay for it. also it's a pretty long process before the insurance companies decide to pay.
The problem is not the money, the problem is having sufficient spare sats in orbit in case of a catastrophic failure because if customers can't get their TV for the next 3 to 4 years, that company is out of business, and the creditors/banks get the insurance payout check. Both dish and direct have sufficient spare for the most likely statistical catastrophic failure. What's really scary is if we get a really powerful solar flare that can kick out all of those satellites then both dish and direct are in a bit of a pickle.