Thompson took a chance on Lohan, 26, and hired her to play Taylor in much-anticipated TV drama, which chronicles the late actress' tumultuous relationship with Richard Burton, whom she married twice, reported Dealine.
The "Mean Girls" star's acting comeback followed years of legal troubles and bad press, and Thompson said her time on the set was just as dramatic as the script.
Lohan was involved in a car crash on her way to the set in June and she collapsed from exhaustion in between takes.
"Producing a movie with Lindsay is not for the faint of heart. I turned 50 shades of white actually during the production.
"We had serious challenges to deal with due to her probation and her history. Therefore, we had to make a deal where there were pages and pages of 'what if' clauses... It was about, 'What if there is a car accident? What if there is a violation of her probation (and she's) incarcerated?' Those 'what ifs' were plenty," Thompson said.
"She might be the most insured actress who ever walked on a soundstage. We tried to insure ourselves against things that could and, in fact, did happen. I was financially at risk myself. It was a challenge," he added.
However, the 67-year-old producer said that his risk on Lohan paid off.
"Overall, my gosh, relative to the performance we got and the movie we were able to make because of her, the pain was worth the pleasure. And the audience is going to benefit from the risk we took and the reward that was gained," he said.
