$stmt = $mysqli->prepare("INSERT INTO testtable VALUES (?,?,?)");
// prepare() can fail because of syntax errors, missing privileges, ....
if ( false===$stmt ) {
  // and since all the following operations need a valid/ready statement object
  // it doesn't make sense to go on
  // you might want to use a more sophisticated mechanism than die()
  // but's it's only an example
  die('prepare() failed: ' . htmlspecialchars($mysqli->error));
}

$rc = $stmt->bind_param('iii', $x, $y, $z);
// bind_param() can fail because the number of parameter doesn't match the placeholders in the statement
// or there's a type conflict(?), or ....
if ( false===$rc ) {
  // again execute() is useless if you can't bind the parameters. Bail out somehow.
  die('bind_param() failed: ' . htmlspecialchars($stmt->error));
}

$rc = $stmt->execute();
// execute() can fail for various reasons. And may it be as stupid as someone tripping over the network cable
// 2006 "server gone away" is always an option
if ( false===$rc ) {
  die('execute() failed: ' . htmlspecialchars($stmt->error));
}

$stmt->close();