There are an estimated 74,610 documented swimming pool cleaning service businesses in the U.S. I can assume there are several more undocumented pool service businesses, and that not all of these companies are insured properly — or worse, insured at all.
The current economic influx has caused quite a few pool professionals to cut costs, resulting in insurance cancellations going on the rise. These companies may rather put their money into their gas tanks. Another trend is pool pros moving to cheaper coverages. Cheaper, however, isn’t always better. A cheaper insurance policy may not offer enough coverage to cover a claim or may not be the correct coverage for the business.
In the event of a claim, being underinsured may result in economic losses for the policyholder if the claim exceeds the maximum amount the insurance policy will pay out. Underinsurance comes from having insufficient coverage for your potential needs.
Resist canceling coverage, or if you switch to cheaper coverage, make sure it covers damage that can happen in your vocation as a pool professional and doesn’t have exclusions that could hinder your work.