Thimble insurance started in 2016, offering business insurance to small business owners. They focus on the gig worker, offering on-demand policies that gig workers may need for jobs they are hired for. Thimble feels that business owners shouldn’t need to pay for insurance when they aren’t working, which is why they offer policies for an hour, day, week, or month at a time. This convenience makes them attractive to many contractors and other freelance business owners.
Some of the key features that you’ll find with Thimble Insurance include:
Thimble offers various types of insurance for business owners. Each policy type will have its own set of exclusions. For example, a general liability policy will not cover business property or injuries to employees. These exclusions would be covered under different policies, a commercial property policy or workers’ compensation policy, respectively. Small business owners should read through the policy to fully understand what exclusions apply to their respective policies.
Small business owners should contact Thimble about adding applicable riders and endorsements to the policy. These are additional clauses that change or add coverage. One common endorsement is the additional insured, which extends coverage to relevant third parties. This endorsement is a common (and easy) one to add right through the Thimble App if needed.
Anyone can file a claim on the policy as long as they have the policy number. The Thimble system asks for a policy number and the relationship you have to the company making it easy for a third party to file a claim after a loss. Claims are managed in the Thimble App or in the web application.
Thimble markets its insurance as being something that you can get within minutes. That’s not just a quote – that’s a policy. Thimble’s application process is easy and allows you to go from the quote process to the application seamlessly. The whole process is complete within minutes, allowing you to get back to work rather than fumble through insurance documents.
Thimble Insurance is available via the online quote and bind system. Thimble relies on online applications to help keep costs down. The online system uses AI to help navigate the needs of the small business owner, ensuring they get the right policy for a reasonable price and for the duration they need it for.
Thimble covers a lot of different types of businesses. On their site, they focus on:
Thimble prices policies at a reasonable and competitive rate. The website doesn’t advertise any applicable discounts for small business owners. This means that you won’t save more by bundling policies together with Thimble.
Thimble allows policyholders to cancel their insurance directly in the account log-in or through the Thimble app. Simply select the policy you wish to cancel and select the right prompt. If there is unearned premium held in the account, this will be returned to the policyholder.
Thimble doesn’t have as long of a list of insurance products as some of its competitors, but it offers the basics you’ll need to protect your business.
A business owner’s policy (BOP) is a policy that combines other policies into one. This helps make managing business insurance easier and cheaper. Within the BOP, you’ll find general liability insurance, commercial property insurance, and business income insurance. This policy can eliminate the need for three policies and is often comparable in cost to a solo general liability policy.
A general liability insurance policy is a must-have for most business owners. It pays for losses resulting from accidents. This is where a third party may be injured or obtains property damage. If that happens, the general liability policy will pay the claim up to the policy limits.
As a business owner, you need to protect your business property. This is what commercial property insurance does. It pays to repair or replace your business assets, such as furniture, computers, materials, and supplies. Whatever is kept at your business headquarters is covered.
Professional liability insurance is a liability policy that kicks in when a customer accuses you of not doing your job professionally, which results in a loss such as property damage or injury. This is different from general liability insurance because it covers work that you have done, not incidental losses from accidents.
Tools and equipment insurance is also called inland marine insurance. It protects your tools and equipment that gets transported and used on job sites. Commercial property insurance does not cover these items while away from your business headquarters. This is important for contractors and home service providers to have.
Worker’s compensation insurance is required by most states if you have employees. It pays their medical bills and lost wages if they are hurt while working.
Thimble Insurance’s prices will vary depending on the policy type that you get, the location, and the duration of the policy. We ran a quote for an office occupation for a day and got an estimated premium of $24.87. The same policy for just a few hours was $12.17. Obviously, longer durations will cost more.
CommercialInsurance.net is a marketplace provider of business insurance. It works with hundreds of top-rated insurance companies. The way it works is simple, you fill out a request for a quote, and a representative will then walk you through a questionnaire. Once you are done, you are paired with the insurance company that best fits your needs.
Hiscox is an insurance carrier that focuses on small businesses. They have been underwriting small business insurance for more than 100 years, so they have the experience to handle any type of claim or loss. Hiscox aggressively markets to small businesses with fewer than 10 employees, pricing policies to be competitive for small mom-and-pop type shops.
CoverWallet is an insurance broker that looks to provide insurance for small business owners. It sets itself apart with its insurance wallet that helps manage policies from different carriers. They sell policies from top-rated carriers such as Chubbs, CNA, and Employers.
Next Insurance is a small business insurance carrier that designs policies (and prices) to meet the needs of the independent contractor. This is a newer carrier, founded in 2015, with the goal of helping small business owners and freelancers get the insurance they need for a price that they can afford.
Insurance321 is another insurance marketplace where you complete a quote questionnaire, and then the system will pair you with a suitable carrier. They have more than 200 partner carriers that they offer insurance from depending on the type of insurance needed, the industry, and the price. Insurance321 is a good place to shop for the best policy.
Thimble sets itself apart because it offers on-demand policies. This is an industry innovation that few are offering. What this does is help the independent contractor obtain a policy when needed without worrying about paying for a policy in the long run if they aren’t working at the time. This flexibility gives Thimble an edge with gig workers who don’t have the budget to pay for full-time insurance.
|Quote in 10 minutes||Yes||Yes||Yes||Yes||Yes||Yes|
|Per gig policies||Yes||No||No||No||No||No|
Thimble is designed for gig workers who need policies for certain jobs but might not want to carry insurance for the long-term. While Thimble does offer traditional policy terms, it may not be priced the most competitively for small business owners. Their niche is the short-term policy periods that gig workers and freelancers find attractive.
Thimble starts with asking you where you are at to see if it offers insurance in your area.
It then asks what type of insurance you need, whether that is business insurance or event insurance.
Then, Thimble asks what you do for a living.
It then asks what type of policy you need for your business.
At this stage, Thimble asks how long you need the coverage for. You can adjust the time when you have the quote.
Thimble Insurance is an excellent option for gig workers who have specific jobs that they want to insure. This per-job model helps the small business owner save on insurance costs in the long run by only insuring the periods when they have work and not paying for insurance when they don’t. Even though Thimble is a newer carrier, it works with established carriers that back the policies.
When looking at small business insurance carriers, we want to know that our customers are working with the best. This is why we search for carriers that have high AM Best ratings or marketplaces that work with carriers that have those ratings. We review the key features of the provider and look at how costs are derived. The quote process is essential to a good customer experience, which is why we go through the process to test the system's efficiency.
Thimble works with A and A- rated companies. These are AM Best ratings.
Thimble is owned by shareholders as it trades on the NASDAQ under the symbol IAC. It was founded by Jay Bregman and Eugene Hertz.
Thimble is a legitimate company that offers policies for terms as short as an hour.
Professional liability coverage protects a business from claims stating that their professional services led to property damage or bodily injury.
Thimble is an online MGA which means it has underlying carriers that back Thimble’s insurance products.
Yes, the Thimble App makes managing your insurance easy.
Four types of business insurance are general liability, professional liability, workers’ compensation, and commercial property insurance.
Business income and expense insurance pays for overhead by giving the business anticipated revenues during the claim period.
Sole proprietors need business insurance to protect them from losses in the same fashion that LLCs and corporations need insurance.
Policyholders should review claims before submission to ensure that all the details are correct and that they’ve added all pertinent information. This helps ensure a fast turnaround time in the claims process.
Errors and omission insurance is a professional liability policy that pays claims when you have a loss due to not doing your job professionally. In the medical field, this is called malpractice insurance.
You should review your insurance to ensure that you understand what is covered and what exclusions apply.
Business needs change, which is why you need to do an annual insurance policy review. As your business grows, your insurance needs grow as well.
Product liability insurance pays claims that state that a product you made or sold led to injury or property damage.