So my latest task has been to find insurance coverage for the shoot...Even on a micro budget, if you're shooting on locations, I strongly recommend getting insurance. First of all, a lot of locations (like mine) will require it before even considering hosting your film crew. Second of all, depending on what you're doing on set, it may actually be more worth while than paying the actors! That's something we're doing.
There are many different types of insurance packages and coverages that you can get. What I'm looking for is 3rd party property damange and general liability. The first protects the location owner in case you break anything and the latter will cover basic injuries that may befall your cast and crew. There are many other types that become important as your budget goes up, but I strongly recommend the two I listed.
One other semi-interesting thing is that it seems like if you have squibs, pyrotechnics, and/or stunts on your set, it'll affect the package. That sounds obvious and does make sense..one of things I found out today on the phone with an insurance broker!...ahhh..producing a film is not as sexy as it sounds!!