I have always made sure that I am fully covered as many of my clients require proof of coverage before entering the premises.
It has been a competitive advantage for me to be able to show coverage and thus help establish credibility over those newbies trying to come in at the lowball price. Professional means being one in every aspect; Business practices, training and equipment. That costs money. A good client will recognize the value of the peace of mind that comes from covering these bases.
Saving money looks pretty weak compared to saving your job when things go wrong.