I haven't commented until now since insurance coverage can be location specific and I'm not sure where you're located. Looking over others responses, I'm thinking that you are in the US. If that's not true, disregard my response. I had a really hard time getting great business insurance-companies kept trying to stick me with a standard commercial policy, putting me in the same category as general manuracturing, which is ridiculous and expensive. After several disasters, I finally called CERF (Crafts Emergency Relief Fund) and they referred me to Smith, Bell and Thompson, in Burlington, Vermont. They have been fabulous to work with, have been great at getting coverage for all the ins and outs of a craft business and best of all, my rates ended up half of what they had been before. PM me if you can't locate a phone number for them. Good luck!
I started weaving at twenty one. I borrowed a loom from someone who thought maybe some day they'd like to weave, but wasn't ready yet (I'm amazed at how many people have looms lurking in the attic that they hope to someday use and are delighted to lend). I got some cheap craft string and made only rag rugs for my first few years...just working from my friends' giveaway clothes. The only thing I bought over those first few years was a warping board and a bobbin winder.