Thimble Insurance launched in 2016 and already has a substantial amount of customers. Initially, it was developed to bring liability insurance to drone operators, but then again, customers loved it so much they asked about other industries. Thimble finally decided to expand and cover 100 small business professions. Thimble gives you the option to buy insurance only for how long you need it—a month, a day, or even an hour. Even better, you can apply in under 60 seconds.
Pros
- You can buy a policy for however long you need it—a month, a week, or a day.
- You can extend, cancel or modify your current policy right from their app
- You can get a quote from Thimble in thirty seconds
- They insure over a hundred small business types, from dog walkers to contractors
- You can get a certificate of insurance instantly
- A-rated insurers underwrite all policies
- 24/7 claims support
- Policies start at $5 an hour with a zero deductible and $1 million in coverage
Cons
- Not available in every state—although they’re working on that.
- They only have general liability insurance—if you’re looking for any other kind of insurance, you’ll have to go elsewhere.
Types of Insurance
Thimble currently offers 3 types of insurance, and it’s also working on a fourth.
General Liability Insurance
General liability insurance is very important for most types of businesses. It helps protect your business against losses due to:
- Bodily injury, when someone is injured on your business property.
- Property damage, when another person’s property is damaged by your business.
- Personal and advertising injury, when you publicize something damaging to another party’s reputation.
Thimble offers general liability insurance in 48 states and Washington, D.C. though It’s not available in New York or Washington.
Professional Liability Insurance
Let’s say for instance if you a mistake in your work and it results in a financial loss for your client, professional liability insurance will help you out. This type of insurance is also known as errors and omissions insurance.
Thimble’s professional liability insurance is slowly rolling out state by state. It’s not yet available in New York, Washington, North Dakota, Wyoming, Colorado, Texas, Louisiana, Missouri, Iowa, Illinois, Indiana, Delaware, Rhode Island, Massachusetts, and Vermont.
Drone Insurance
This coverage is the main reason why Thimble sets itself apart from the rest. In fact, Thimble got its start as Verifly Drone Insurance, and you can still purchase drone insurance through the Verifly app.
Drone insurance will help protect you if there are any injuries or property damage involved as a result of your drone flight. It also provides coverage for unintentional invasions of privacy and unintentional flyaways.
Event Insurance
Additionally, Thimble is also rolling out event insurance. This is for those who are organizing a special event or participating in one as a vendor or exhibitor. This one includes coverage for bodily injury and property damage to a 3rd party and coverage for legal fees and damages related to alcohol consumption. If you deal with the sale of alcohol, you can add retail liquor to your policy.
To be notified about this Event Insurance you can check out Thimble website.
Coverage Options
Business insurance is sold on an annual basis. With some insurance companies offering payment plans, this results in a lot of money spent, especially if you do seasonal or occasional work.
Thimble has solved that problem by offering flexible options which are,
- Thimble Monthly: Thimble Monthly offers affordable ongoing coverage. You can cancel or pause your coverage at any time.
- Thimble On Demand: This option allows you to purchase coverage by the hour, day, or week and you cancel up to 1 hour before your coverage starts. This comes in handy in lots of scenarios. For example, if you’re bidding on a big project and need to show proof of insurance, you can purchase a Thimble On Demand policy. If the project falls through, you can cancel.
- Pressure washers
- Handymen
- Landscaping
- Photographers
- Cleaners and Janitors
- General contractors
- Videographers
- Carpenters
- Fitness instructors
- Construction workers
Here are a few examples of coverage rates:
- A dog walking business paid $5 for 3 hours of coverage.
- A sanitation business paid $63.79 for 1 month of coverage.
- A dance instructor pays $52.92 for monthly coverage.
- A painting company paid $14.85 for 1 day of coverage.
You can also add additional insureds and up to 100 crew members right from the mobile app. If you need to modify or cancel your coverage, you can do that from the app as well. However, you cannot file a claim from the app and must call Thimble’s underwriter, Markel Insurance Company (NYSE: MKL), a Fortune 500 company A-Rated by A.M. Best for financial strength.
When you file a claim, you’ll need to provide your policy information, the date of loss and location, and any relevant documentation like police reports.
To file a claim on a drone policy, email claims@thimble.com or call 1-888-228-2281. You’ll need to provide information on what happened, the names and addresses of those involved, and specifics about any injuries or damages.
If you want to get in touch with someone, you’ll need to so using Thimble’s contact form, as it doesn’t offer phone support. Its representatives answer queries from 9 a.m. to 6 p.m. ET Monday through Friday, and it aims to respond to all its queries within 1 hour.
Thimble also offers a robust FAQ section, so there’s an excellent chance you can find answers to your questions without contacting support.
Its policy offerings are affordable and buying a policy is a breeze. You don’t have to answer hundreds of questions about your business. Just answer a few, pay your premium and you’re covered. You can easily make changes to your policy online or in the mobile app.
There are a couple of downsides with Thimble. Its claims process requires a phone call or email. You can’t file claims through the mobile app or the Thimble website. It also has limited customer service. You can only get in touch through its website and you can’t call or chat.
That said its offers standout coverage that’s affordable and flexible. Being able to buy coverage for a few hours or a few days at a time gives you much-needed protection without breaking the bank. Even if you get a monthly policy, you can pause it when you need to. You’re never paying for coverage you don’t need.
