Thimble

Thimble is an insurance carrier that offers services to small businesses. Read on to learn pros, cons, pricing, and more.

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InsuranceRanked Score 4.75

Thimble 2022 Review

Kimberlee Leonard

Insurance and Financial Services Professional


Thimble screen shot

What is Thimble Insurance?

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.

Key Features of Thimble Insurance

Some of the key features that you’ll find with Thimble Insurance include:

  • Thimble App: The Thimble App allows a policyholder to manage his policy right from his smartphone. The app is available on the Apple Store or in Google Play. One of the app's key features is the ability to get a certificate of insurance (COI) directly from the app within minutes to demonstrate proof of insurance.
  • Insurance by the hour: Thimble offers policyholders the ability to get insurance for as little as an hour. This means that small business owners can manage costs by only getting insurance when they need it, during a job, and can save on insurance costs when work is slow.
  • Comprehensive help center: The help center is neatly organized to help you find answers to any question you might have. Their Insurance 101 resource center is a comprehensive library of articles that address topics such as types of insurance to insurance for specific business purposes.

Policy Exclusions

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.

On-Demand Policy Modifications

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.

Filing a Claim

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.

Get Instant Coverage

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.

How to get a Thimble business insurance policy

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.

Eligible Businesses

Thimble covers a lot of different types of businesses. On their site, they focus on:

  • Contractors
  • Handymen
  • Landscapers
  • Janitors/cleaners
  • Event organizers
  • Freelancers
  • Consultants
  • Photographers
  • Videographers
  • Hair and beauty professionals
  • Fitness and personal trainers
  • Pet sitters
  • Retail stores
  • Restaurants

Insurance Discounts

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.

Insurance Cancellation

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 business insurance products

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.

Business owner's policy

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.

General liability insurance

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.

Commercial property insurance

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

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

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.

Workers’ compensation insurance

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.

Best Alternatives to Thimble Business Insurance

CommercialInsurance.net

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

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

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

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

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.

What Sets Thimble Insurance Apart?

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.

Thimble vs. Competitors

Thimble CommercialInsurance.net Hiscox Insurance321 Next Insurance CoverWallet
Marketplace No Yes No Yes No Yes
Quote in 10 minutes Yes Yes Yes Yes Yes Yes
Services policies Yes No Yes No Yes Yes
Per gig policies Yes No No No No No

Who Shouldn't Use Thimble?

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.

My Experience Researching Thimble

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Thimble starts with asking you where you are at to see if it offers insurance in your area.

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It then asks what type of insurance you need, whether that is business insurance or event insurance.

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Then, Thimble asks what you do for a living.

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It then asks what type of policy you need for your business.

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At this stage, Thimble asks how long you need the coverage for. You can adjust the time when you have the quote.

Frequently Asked Questions

What rating does Thimble have?

Thimble works with A and A- rated companies. These are AM Best ratings.

Who is Thimble owned by?

Thimble is owned by shareholders as it trades on the NASDAQ under the symbol IAC. It was founded by Jay Bregman and Eugene Hertz.

Is Thimble a legit company?

Thimble is a legitimate company that offers policies for terms as short as an hour.

What is professional liability insurance coverage?

Professional liability coverage protects a business from claims stating that their professional services led to property damage or bodily injury.

Is Thimble an MGA?

Thimble is an online MGA which means it has underlying carriers that back Thimble’s insurance products.

Does Thimble have an app?

Yes, the Thimble App makes managing your insurance easy.

What are the four types of business insurance?

Four types of business insurance are general liability, professional liability, workers’ compensation, and commercial property insurance.

What type of insurance is sold to small business owners that must meet overhead expenses?

Business income and expense insurance pays for overhead by giving the business anticipated revenues during the claim period.

Do I need business insurance for a sole proprietorship?

Sole proprietors need business insurance to protect them from losses in the same fashion that LLCs and corporations need insurance.

Why is it important to review claims before submission?

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.

What is error and omission insurance?

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.

Why is it important to review your insurance?

You should review your insurance to ensure that you understand what is covered and what exclusions apply.

Why is it important to do an insurance policy review?

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.

What is product liability insurance?

Product liability insurance pays claims that state that a product you made or sold led to injury or property damage.

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