How to catch/what to do with a WP Error Object

I am running some of the WP functions directly inside a plugin, including wp_insert_post(), if something goes wrong, this returns a WP Error object, what is the correct method to catch this error? Either using built in WP functions or PHP exceptions or whatnot..

1. Assign return of the function to the variable.

2. Check the variable with is_wp_error().

3. If true handle accordingly, for example trigger_error() with message from WP_Error->get_error_message() method.

4. If false – proceed as usual.

Usage:

function create_custom_post() {
  $postarr = array();
  $post = wp_insert_post($postarr);
  return $post;
}

$result = create_custom_post();

if ( is_wp_error($result) ){
   echo $result->get_error_message();
}