I wouldn't worry about trip insurance at the moment. BA should be able to offer you a reroute via another city so they should be able to get you home on or near to your schedule.
Looking at ExpertFlyer I can see the flight is cancelled but I'm not seeing any specific reason yet.
It looks like there are several options available at the moment via ORD so I suggest you ask them to reroute you once you get through to them. Which cabin are you flying in?