The text of a Senate Committee on Small Business hearing on the cost and availability of liability insurance for small business is presented in this document. The crisis faced by small business with skyrocketing insurance rates is described in statements by Senators Lowell Weicker, Jr., Robert Kasten, Jr., Dale Bumpers, Paul Trible, Jr., James Sasser, Slade Gorton, Alfonse D'Amato, Alan Dixon, Tom Harkin, Carl Levin, Larry Pressler, and Don Nickles. Statements by 23 witnesses, including affected small businesspersons, a trial attorney, a Chamber of Commerce representative, an accountant, representatives of small business groups, the administrator of the Small Business Administration, a representative of independent insurance agents, and a representative of insurance brokers are included. An appendix includes statements by similar types of affected individuals and groups. (ABL)