It's impossible to find a pretty outdoor table cover with a hole in the middle for my umbrella -- so I made one for about $10. Here's a photo of one I just finished:
Measure your table -- mine is 42" across. You want it to drape, so add at least 6" for draping on each side to the overall diameter (e.g., 42" + 6" + 6" = 54"). Then go find your perfect fabric! Also - many fabric stores will have plastic of various thicknesses -- Hancock Fabrics had plastic similar to a shower curtain for $3.99/yard. Get some plastic to protect against rain if you want. Luckily, both my fabric and the plastic was 56", so I only needed to cut one circle -- no sewing. I drew my circles on both fabric and plastic simply by finding the mid-point of the fabric and drawing the circle with a Sharpie from the midpoint:
I then cut an "X" in the center for the pole to fit through......


And voila! One custom table cover with a hole in the middle! :)