Thimble is an online insurance company that offers general and professional liability policies at a lower cost than the market. This service is intended for businesses and self-employed workers. This company is in charge of showing a new concept to the industry, which does not pigeonhole the insured in an annual contract or rigid clauses and very high premiums.
The insurer has a particular way of working that prioritizes a policy with flexible agreements. Unlike others, the company allows the interested party to purchase a policy for as long as needed: a month, a week, a day, or an hour. The client can also extend, modify or cancel the policy from the mobile application. Given the great versatility of this company, many people ask if Thimble insurance is legit.
Advantages and disadvantages of Thimble insurance
Thimble is an online insurance agent that sells policies with flexible terms to anyone who needs quick commercial insurance. Other insurance companies, not Thimble, underwrite the guidelines. This company is designed for businesses that require immediate or temporary coverage. It is also for business owners who have contractors.
Although the company at first glance has great benefits, we will list the advantages and disadvantages of hiring their services in this short review.
Advantages
- Flexible policies with monthly, weekly, daily, or even hourly coverage
- Ability to cancel or modify agreements from the mobile application
- Pause policy for 30 days
- Receive quotes in less than a minute
- More than 100 insured small businesses
- Certificate of insurance issuance available instantly
- A-rated insurers underwrite your policies
- 24/7 claims support
- Payouts of $5 per hour with no deductible and one million in coverage
- Ability to purchase insurance online in minutes
Disadvantages
- Not available for New York
- Online customer service, no physical location to file a complaint
When is it convenient to buy Thimble insurance?
Thimble insurance policies are convenient, affordable, and easy to apply for. The entire process is done online and is a good option for small businesses that need short insurance coverage. The company was founded to operate under these conditions:
- If you have a last-minute booking: it has insurance packages for artists and small businesses that provide services for events, wedding planners, DJs, and Santas. Drone insurance is available on-demand and hourly for coverage before a shoot
- For hiring and managing contractors: Send your insurance requirements to your contractors and request that they upload certificates of insurance verifying their compliance. If contractors do not have contractor insurance policies that meet the requirements, the company will recommend insurance policies that meet those conditions
- If you have a small business: If you have a company with more than $10 million in revenue or has more than 50 employees, you are not eligible for Thimble
Types of Commercial Insurance Policies
Thimble is a commercial insurance company based in New York. The company originally offered liability insurance for drone operators, but now more than 100 small business professionals are insured. Some insured professionals include maintenance personnel, DJs, pet sitters, beauticians, and others.
Markel Insurance Company underwrites the general liability policies; an “A” rated Fortune 500 company. In contrast, drone policies are underwritten by Global Aerospace and backed by a handful of respected insurers within the industry.
The company has four basic commercial insurances and is working to offer additional insurance specialized in events. If you are interested in learning more about the policies, we will discuss them in more detail below:
General liability insurance
This policy protects your business workers against accident risks of bodily injury or property damage to third parties. The insurance includes:
- Bodily injury: Interpose claims for bodily injury to a third party.
- Property damage: Response for damage to the property of another entity
- Medical expenses: If the client’s injury requires them to return to the hospital
- Defense costs: If settlement of the claim leads to a lawsuit at court
- Personal and advertising damages: Claims for damages to the reputation of a business or person
This policy does not cover the following situations:
- Damage to your property or equipment
- Injuries were known to you before the inception of the policy
- Damages and injuries promoted by:
- Professional services
- Disclosure of personally identifiable information
- Employee injury
- Workers’ compensation
- Vehicles and boats
- Work you did before the procedure began
- Intent to injure
Professional Liability
Also known as Errors and Omissions (E&O) Insurance, it covers work errors that result in financial loss to clients and give rise to the following claims:
- Actual or alleged negligence when the team was irresponsible or negligent in submitting work
- Covers legal defense costs for claims that did not fulfill
- Claims and damages related to settlements arising from legal actions
The professional liability policy does not cover the following claims:
- Bodily injury
- Property damage
- Fraudulent acts
- Labor matters
- Workers’ compensation
- False advertising
- Patents and trade secrets
- Disclosure of personally identifiable information
Professionals who cannot apply for this service are:
- Health care professionals
- Pharmacists
- Teachers
- Lawyers
- Stockbrokers
- Financial advisors
- Architects
- Engineers in any of their branches
- Real estate and insurance agents
- Actuaries
Drone insurance
Liability insurance is aimed at drone operators through the Android and iPhone operating systems applications. To be part of it, you register the location where the drone travels and employ an artifact object that meets the limits established in the weight of your policy. The company also has a four-hour and eight-hour insurance policy with $10 million in coverage underwritten by Global Aerospace, INC.
Event Insurance
If you require event insurance coverage that lasts up to five days, Thimble has the solution. This policy includes liability and liquor liability insurance. The former pays legal fees for damages, bodily injury, and property damage suffered by attendees, other vendors, or the venue. At the same time, the latter covers legal payments for damages resulting from alcohol consumption.
Final verdict
Although Thimble has been around as an insurance company for seven years, it has become one of the most popular companies thanks to its flexibility and ease in a world of rigid insurance companies.
Its policyholders highly rate it, and the mobile app is easy to operate. It is a legitimate and ideal insurance for small businesses and self-employed workers.