CFI insurance question

Hey guys! I have officially given up finding a CFI job in Utah even though I’m a CFII. There is just too much competition. SO what I’m doing instead is starting my own independent business and using a friend’s plane to instruct. That being said, he doesn’t really know much about plane ownership (he’s just rich so he bought a plane without knowing much haha), and I’ve never owned one obviously. So our question is, what kind of insurance is needed on the plane and on me? The plane is insured but it doesn’t cover instructing from what I hear. Does the plane need insurance for instruction? Or is it just me, the CFI, that gets personal CFI insurance? Or both? Any advice welcome.