If it is a G-reg, it cannot be rented out unless maintained accordingly.
An N-reg maintained to the standard FAR Part 91 can be rented out.
Yes, you need the right insurance. Named pilots, up to a point, will be cheaper than "club use" which is for open rental. It is pricey; my TB20 was £6k for club use and is now £2.9k (one named pilot, 1k+ hrs, CPL/IR). The extra insurance cost makes it hardly worth renting out - unless you open it up to every tom dick and harry with a PPL and then your precious plane will gradually get wrecked. I went down that road because I was dim back then and got conned by a crooked instructor/CFI. He vanished not long afterwards (for other more interesting reasons).
There are also tax angles. The owner/operator has strict liability for 3rd party damage (UK Civil Aviation Act) so you will want to have the plane in a limited company to protect yourself from some renter landing in a convent / school / LIDL / etc. This in turn gives rise to BIK issues. HMRC hate people who set up businesses around activities they like as a hobby. They run a policy of hitting them with investigations just for a laugh; a half clever inspector can run dozens of these concurrently and can collect many times his salary because most people will give him £10k rather than go to the Commissioners.
Been there, done that, got the t-shirt
My advice is: don't bother. If you can afford sole ownership, nothing gets even close to the privileges. I could not have done the great trips I have done if I didn't own outright. Otherwise, try to dig out a few mates with appropriate funding, attitudes, etc and set up a group.
Or, of course, you can do what most PPLs do which is to cost share as many flights as you can. The "seat sharing" websites are primarily aimed at cost sharing but you cannot call it that because cost sharing cannot be openly advertised. I don't cost share myself (illegal in an N-reg in UK airspace) but everybody else seems to in a G-reg.
The big secret in long term flying is to pitch things at a level which you are
very comfortable with financially. Worry is very corrosive - as is a lack of family support, etc.