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Thimble is a business insurance provider that was originally called Verifly, initially offering liability insurance to drone operators. Currently, they provide flexible small business insurance from one-hour up to a full-time monthly plan. It is fast and easy to apply, and you can get approved in less than 60 seconds.
We will review Thimble and you can decide whether it is 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. Customers can opt for a month, a day, or even an hour coverage, so they aren’t bound to an annual contract. If you change your mind, you can extend, modify, or cancel your policy directly from the Thimble app.
Policies Offered
There are four types of insurance offered: general liability, professional, business equipment and drone. Soon they will have event insurance. In order to get started, you must enter your profession, zip code, and dates you need coverage. A quote will be generated in less than a minute, and your certificate of insurance will be instantly after your first payment.
General Liability Insurance
General liability insurance helps protect your enterprise against losses due to bodily injury, property damage, and personal/advertising injury, which is essential for most businesses. 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
In case of errors in your work that result in a financial loss for a client, professional liability insurance will help cover the claims. It is also known as errors and omissions insurance. This can include 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 the basis of Thimble. 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
In the future, Thimble will offer event insurance. 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, temporary workers, and crew members. Additional insureds can always be added to your policy, such as clients, customers, or students doing business with the company. In short, coverage can be extended to these individuals if a claim or lawsuit is brought against them for an incident resulting from the company’s negligence.
Coverage Options
In general, most business insurance is sold on a year-to-year basis. There are some providers who offer payment plan options, but it still ends up taking a large portion of your expenses. Even more so if your business is seasonal or occasional. Thimble offers a great solution with flexible options. Choose Thimble Monthly for affordable, ongoing coverage that you can cancel or pause at any time. Choose 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.
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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.
Thimble is recommended for the self-employed, those who do seasonal work, or for unique coverage needs without paying thousands of dollars annually on insurance.
