BUT I'M NOT SURE WHAT ALL I NEED FOR IT, IN THE LAW TERMS. BUT I'M THINKING ALL I REALLY NEED IS A BUSINESS LICENSE AND THAT'S ABOUT IT. DO YOU ALL THINK I CAN JUST MAKE IT FOR THE PAYING CUSTORMERS THAT THEY HAVE TO COME AT THERE OWN RISK INSTEAD OF GETTING ALOT OF INSURANCE ON THEM?

You could get a contract from another storm chasing company and just use that one.  I'm sure the big guys have some iron clad contracts.

You should also form a company under a LLC name, incorporate.  We did that with Myweatherlive. Good luck and keep me posted

I bet gas is high for storm chasing tours these days! I wonder if their rates have went up due to it?!