I think you hit the nail on the head when you mentioned insurance. A great option would be to speak with an insurance agent regarding this issue. Of course, you might find that you would be shocked at how much this insurance would cost - but at the same time, depending on the factors, it might be cheaper to do this than to pay a lawyer to look at your terms of service and privacy policy.
However, the biggest issue that you might find is that all your policies and contracts are already in place. If you brought a lawyer in now they might not be able to alter your contract with the third party hosting company. They would be able to take a look at your Terms of Service and EULA and see that they are waterproof.
You should be able to limit your liability through your TOS and EULA by establishing caps or requiring your users to submit to arbitration in case of injury.
In summation, first step is to check with an insurance agency (a quick Google search on corporate insurance, hosting insurance and the like) and then the next step is to contact a lawyer and get all your ducks in a row. More likely than not you won't run into a problem, but if you do...it's always good to have one of those stuffy guys in suit like me around.