Insurance Advice

Hello everyone, I humbly ask your advice on a situation that I am utterly stumped on. I am working on a short film to which I am still in pre-production that won't be taking place till sometime around early November or Early December-depending. For this short film I am going to be having a lot more people than I have ever worked with before so I am a little nervous but, giving myself time to work things out properly. In total (Crew, myself,actors, extras) There will be a total of 27 people! Of course not all on the same day. The extras (12) will be needed the very last day of shooting along with the (5) main characters plus crew (5) while the other (15) totally of crew,secondary and main actors will be needed for the first and second days of shooting.

Now my questions is what is better? To simply have everyone sign a liability waiver or actually purchase insurance? The film is a small budget but when dealing with these many people I want to make sure things run smoothly, it is a suspense/thriller/action so there will be blood (5 death scenes) and one fight scene. If you need more information or if I didn't properly explain things just let me know and I will correct myself, any advice or tips would be wonderful. Thanks!
 
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