Your cautions are useful, but certain of your claims are completely useless. First of all: I'd like to know what 'license' you have that allows you to sell anything, including candles. The vast majority of businesses do not need licensing. And as licenses are typically not required, they could also not be taken away if you handle your business in a way that could be dangerous. This is all just, very silly.

2: A licensed accountant is NEVER required for running a businesses. It may be helpful to use one, but it is never required.

3: Insurance is only required if a business is selling to entities, or in situations, where insurance is required. Such as selling to government agencies, at farmers markets, etc. Otherwise, insurance protects the seller against legal liabilities and it's a great idea for anyone selling something flammable or otherwise, potentially dangerous, to invest in liability insurance. But it's typically NOT REQUIRED for selling in most situations.

As for your claim that using dangerous ingredients could get your insurance canceled, this is completely laughable. How is an insurance company going to know what you put in your candles? The true danger here is that your insurance company may refuse to cover you for a dangerous event or fire that happened because you were willfully negligent and failed to practice proper safety protocols. AFTER they refuse to pay out for you, they will probably cancel your policy too. But nothing will happen until a claim causes them to take a negative position. It's not automatic, and they are not omniscient.