@OP: assuming that you're doing 'normal' micro stuff with models, make sure you take out personal liability insurance and third party insurance, and possibly legal protection insurance.
Hereabouts that's very expensive.

Good point on the drunken golfers lol! Also I use only my family on people shots and will include some of my friends down the road- I use a tripod for the majority of my shots even in the studio now. If I applied the 'No Money- No Funny' rule I could even afford a Rebel (1st Generation)