Thank you all for the advice! Wow! So much to think about, and not just for longarms! Insurance is a pain in the butt, costs a fortune, probably will never be needed, but when it is needed it's still a nightmare!
I'm not planning on quilting for others yet, but I haven't ruled it out entirely for the future. I do unplug all my machines after every use/ sewing session just to be safe. I've heard too many stories of surge protectors failing in storms. I guess one of my worst fears is getting hit with a monster size tornado, or a tree falling on the house. Silly fears I know... Especially if something like that was to happen, the last thing I would be considered about are sewing toys and stuff.