I hope to never need to do it, but it would be very irresponsible of me not to consider the basic safety devices that COULD save my life in the event of an emergency.  This means looking at the possibility of a worst case scenario and planning for it.

I am 1000 NM away from the closest land, and I hit a container that has fallen off a ship.  The large hole has me sinking and I have a very limited time to get to safety.  This means

1) Deploy a Life Raft and get anyone on board into it.  The one I have selected is big enough to fit 6 people, as I will never have more than 4 people ever due to space onboard.  

2) Ensure I have a means to communicate my location and a distress signal.  This means having a Hand Held VHF Radio with me when I enter the life raft.  Now to ensure the life raft has all the basics to survive until help gets to me/us.  Since ration packs and water packs are already on board, load whatever extra food and water that can be loaded, as well as a Battery Back Up in case help is a ways away.  Finally in case all else fails, Iridium Go has a satellite phone option that can ensure at least someone is looking for me.