Sole Proprietor vs. LLC/Insurance: When to Make the Leap?

Hey everyone, Luis Delgado here, been working as a Location Manager for a bit now. I'm hitting that point where the 'official guides' all scream LLC and comprehensive insurance. I get it, liability, professionalism, all that good stuff. But honestly, when I started, and for a lot of smaller gigs, being a sole proprietor just made sense. It's lean, it's quick, and the overhead is practically zero.

I've mostly done indie shorts, commercials, and even some music videos where budgets are tight and everyone's hustling. So far, no major issues, thankfully. But I'm looking at potentially bigger projects next year, features, larger series. My gut says that's where the 'scrappy' approach starts to break down. For those of you who've been through it, what was your personal threshold? At what specific project size, budget, or type did you decide the sole prop model became genuinely risky and insufficient, making the jump to an LLC and full insurance a non-negotiable?