Yes, I'm on a committee that organises a 10k and 1k for the kids. It takes a year of organisation, the UK athletics association may be a good start, also ask a local 5k team for advice.
We've had insurance cover via PTA, also UKA offers it I believe. We use a chip timing company. We try to cover costs via business sponsorship then entries are profit. It's useful to have a large committee to cover it , we have about 10 people: 1 race director, 1 in charge of the timing, 1 publicity and PR, finance, website and entries, marshals and course director, secretary, the 1k race director, a start/finish supervisor, a site director.
About 100 marshalls, parking an issue. Need barriers, portaloos , goody bags, water, safe bag drop, medals, trophies etc. It helps to have quite a few experienced runners on the team to explain the norm.
It's a big money raiser though, we've made between £5-£10k each year. Small income streams from professional photographer (captures each runner), taking a cut from local businesses having stalls. You need A LOT of support, we basically use the whole of school (parents, teachers), local community groups (paramedics, sports clubs), and the goodwill of the community (which sees a lot of letters hand delivered to each resident on the route).