Thimble is a business insurance provider. Originally founded as Verifly, the company initially offered liability insurance to drone operators. Thimble currently provides flexible small business insurance from one hour up to a full-time monthly plan. Even better, you can apply and get approved in less than 60 seconds.
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In this review, we’ll take a closer look at Thimble to help you decide if it’s the right solution for your enterprise.
PROS
- Flexible policy terms with monthly, weekly, daily or even hourly coverage
- Extend, cancel or modify policies from your phone
- Pause policies for up to 30 days
- Over 100 types of small businesses insured
- Certificate of insurance available instantly
- A-rated insurers underwrite all policies
- 24/7 claims support
- Starting at $5/hr with no deductible and $1 million in coverage
CONS
- Not available in every state
- Doesn’t offer business interruption insurance
- Doesn’t offer commercial property insurance
- Email support only
Thimble Features
Thimble offers general, professional, business equipment and drone liability insurance with flexible terms. Instead of locking customers into an annual contract, you can opt for a month, a day or even an hour of coverage. The platform lets you extend, modify or cancel your policy directly from the Thimble app.
Policies Offered
Thimble offers four types of insurance – general liability, professional, business equipment and drone – and will roll out event insurance soon. To get started, simply enter your profession, zip code and the dates you need coverage. Thimble will generate a quote in less than a minute. Your certificate of insurance will be available instantly, after your first payment.
General Liability Insurance
An essential for most businesses, general liability insurance helps to protect your enterprise against losses due to bodily injury, property damage and personal/advertising injury. These policies are underwritten by Markel Insurance, a Fortune 500 company with an A rating for financial strength from AM Best.
Thimble offers general liability insurance in all states and Washington D.C., except New York and Washington.
Professional Liability Insurance
Also known as errors and omissions insurance, professional liability insurance will help cover claims in the event you make a mistake in your work and it results in a financial loss for your client. That includes alleged or actual negligence, legal costs and settlements.
Thimble’s professional liability insurance is not yet available in New York, Washington, North Dakota, Wyoming, Colorado, Texas, Louisiana, Missouri, Iowa, Indiana, Delaware, Rhode Island, Massachusetts and Vermont.
Business Equipment
Business equipment protection covers the key tools and equipment you use to get the job done, in the event of an accident. That includes your own equipment as well as rental equipment, a customer’s appliance you’re repairing, or colleague’s tool you borrowed.
Drone Insurance
Drone insurance is Thimble’s bread and butter. It helps protect you when there are any injuries or property damage due to your drone flight, including coverage for unintentional invasions of privacy and unintentional flyaways. Drones must meet the policy’s weight limits, but you can choose up to $10 million in coverage.
Drone policies are underwritten by Global Aerospace and backed by a group of secure and respected insurance companies.
Event Insurance
Thimble will offer event insurance in the near future. This covers event organizers, vendors and exhibitors for bodily injury and property damage to a third party, as well as legal fees and damages related to alcohol consumption for an open bar or BYOB event. Those who are selling alcohol can add retail liquor to their policy.
Optional Add-Ons
Thimble’s policies cover business owners, employees, temp workers and crew members. Additional insureds can be added to your policy, including clients, customers or students who are doing business with you. That means coverage will be extended to these individuals if a claim or lawsuit is brought against them for an incident resulting from your negligence.
Coverage Options
Most business insurance is sold on a year-to-year basis. Although some providers offer payment plan options, it still ends up being a big chunk of your expenses. Especially if your business is seasonal or occasional. Thimble provides an excellent solution by offering flexible options. Choose Thimble Monthly for affordable, ongoing coverage that you can cancel or pause at any time. Opt for Thimble On Demand if you want coverage by the hour, day or week. You cancel up to one hour before your coverage starts, great if you’re bidding on a big project and need to show proof of insurance. If you don’t end up getting the gig, you can easily cancel.
Bottom Line
Thimble offers affordable general liability, professional liability, business equipment and drone insurance (event insurance coming soon) for small businesses, freelancers, and gig workers with flexible monthly, weekly, daily and hourly terms. Approvals are quick, the platform is extremely easy-to-use, and pausing or cancelling your coverage is a breeze.
We recommend Thimble to those who are self-employed, do seasonal work or have unique coverage needs and don’t want to pay thousands of dollars annually on insurance.
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