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I started teaching in a small informal way from Grade VI onwards...it depends whether you're doing this for a career or pocket money. If it's as a career then the Incorporated Society of Musicians would probably be a good start with regard to insurnce and so on - they are THE professional body for most teachers. It's not cheap to join, but there are benefits which make it worthwhile to the full-time teacher. If you're using your car to go to pupils then that could affect your inrsurance - check!
If you're only doing this in a small way then I'd just get on with it and see if you like it before weighing in with any complications. I loathed it, but then I have no patience and am not particularly child-oriented. That's why I tune pianos - inanimate objects don't answer back and say they've practised when they haven't...
Like Gill I am not particularly child orientated...I did start teaching my 5 grandchildren but only one showed any promise...but in the end skateboards and surfboards became more important than practice and he quit.
I tried teaching a teenager...that was the worst experience....I think her mother was the one who wanted to learn, but didn't want lessons so she sent her totally disinterested daughter for the lessons in the hope she would bring home her new found knowledge....frustrating didn't begin to describe it.
In the end I gave up.
Have fun; I deeply admire people who can teach, and enthusiastic teachers are worth their weight in gold!