Generally, if you're going to work on other peoples guns you need insurance.
As far as I know, these days a liability waver is worthless.

First, you need insurance to cover guns that are lost, stolen, or damaged in something like a fire.

Second you need liability insurance if someone gets hurt or a gun you worked on is damaged, ie, a gun blows up on someone.
It doesn't matter if all you did was sight a gun in for someone and the action later explodes because the owner fed it an overloaded round, YOU will get the blame and the lawsuits.
The owner will deny he did anything wrong. This can happen YEARS after you worked on the gun and have long since forgotten about it.

Next, if you allow customers to enter the property, you need insurance if someone gets hurt, ie slips on some ice on the driveway or stumbles and falls down.

You'll need some kind of "I botched it" insurance. Whether you actually make a mistake on a gun and damage it or the customer is just unhappy, you're the one who gets sued.

Last of all, NEVER think that your absolute best, life long "like a brother" friend or even relative won't sue you over a gun. Some of the bitterest disputes I ever saw were close friends and relatives.

In all of the above, it's not necessary for a gun to actually be damaged, just that the customer THINKS it's not right. Often, no matter what you do, you will not satisfy a customer like this, and there ARE plenty of people like that around.
Always remember, that the cheap Walmart Remington Express shotgun you worked on will suddenly become an extremely expensive collectors model custom gun costing huge amounts of money.

First thing the ffl, second go through the nra for insurance, guns are like anything else and no you cannot be held responsible,for somethonf that happens seven years down the road. You will learn alot getting your ffl dont get discouraged and half of what you read on a internet sight is bs, when you are talking ffl.If you want a good answer talk to those with their ffl. If someone gets hurt on your property I would hope you already have home owners insurance? Yep thats what is for, also be ready to pay about $170 getting your ffl, I suggest ffl123, the info is worth it and its gauranteed, then application depending on what type ffl you desire, if you want SOT add another $500 per year, then be prepared to get finger printed and a long wait followed by meeting with a atf agent. I beleive $170 would probably cover everything you would need for gunsmithing. The real tail kicker is ITAR if you go type07.

GFWestTexasFirearms
Type 07 manufacture
The more ffl holders the better! ;)

So about how much yearly does most insurance cost for this? Do you guys just get liability or what?