Good points above. Some of the cheapest protections you can have for the "just in case" would be the AOPA legal services plan and CFI Insurance.

For the folks that rent out there, they have rental insurance(basically will help you cover the deductible[they are usually $5000+]) if you ever bent up a rental plane up.

Currently I carry the legal services and the AD&D insurance, and I have used the legal services plan during on one occasion. It's definately worth the price for any CFI or commercial pilot!