Thimble Insurance Review
About Thimble
Thimble is a relative newcomer to the business insurance marketplace. They offer flexible coverage for
customers in 130 professions providing both general liability and professional liability policies. The
company distinguishes itself by offering short-term coverage down to the hour, but you can also
purchase coverage daily, weekly or monthly. Customers can use their online quote tool to get a quick
idea of how much Thimble coverage will cost.
Thimble’s business is geared toward small businesses and professional service providers, including
sole-proprietorships and consulting businesses. Whether you operate a beauty salon, provide personal
fitness training, clean houses, design websites, or run a handyman or landscaping business for a living,
Thimble’s policies can likely meet your needs.
Policies Available: Affordable Plans and Flexible Terms
Thimble offers four types of basic business insurance and is in the process of offering one additional type: event insurance. Getting started is easy.
Just enter your profession, zip code, and the dates you need coverage, and Thimble will generate a quote for you in less than a minute. Once you
make your first payment, your certificate of insurance is available instantly.
Drone Insurance
Thimble offers on-demand liability insurance for drone operators through its Verifly iPhone and Android app. Just enter the location where you plan
to fly and use a drone that meets your policy’s weight limit. Thimble offers one-, four-, and eight-hour policies and $10 million in liability coverage
underwritten by Global Aerospace, Inc.
What does general liability cover?
General liability insurance can investigate and defend claims, along with paying for damages, if you’re held responsible for things like:
Bodily Injury
Your workplace may have slip and fall hazards. Should a client injure
themselves while visiting your workplace, you could be liable for their medical
expenses as well as pain and suffering.
Property Damage
You may visit your client’s home to perform your services. Should you
damage their property during the course of your work, you could be
responsible for replacing or repairing the damaged property.
Personal and Advertising Injury
A part of your job involves advertising your company to grow the
business. Should one of your rivals claim that your advertisement damaged
their reputation, you could be liable for defamation.
What does a BOP cover?
At its essence, a BOP combines two of the most important types of coverage for businesses, general liability insurance and commercial property insurance:
When purchasing BOP through Thimble, business owners can also opt in for additional coverages, like equipment breakdown and hired or non-owned vehicle liability.
General liability insurance
General liability coverage protects a business against the risks that arise
when interacting with third parties. It can provide the investigation, defense,
and settlement for third-party claims resulting from non-employee bodily
injury, property damage, and personal and advertising injury.
Commercial property insurance
Commercial property insurance covers a business’s property and items from
accidental loss or damage. It can be split into two sub-categories:
- Business building insurance (BBI) covers damage to the building structure
- itself, whether it’s an office space or an entire warehouse.
- Business contents insurance (BCI) covers theft or damage of business
- property inside or within 100 feet of the building.
Business interruption insurance
Business interruption insurance covers loss of business income sustained
due to interruption of operations as a result of direct physical loss or damage.
If physical damage to your property prevents your business from operating,
this coverage could help you recoup precious lost income and even pay for
additional expenses to temporarily “set up shop” somewhere else while you
wait for repairs to be completed.
What does Business Equipment Protection cover?
Business Equipment Protection does exactly what the name implies: it protects your business equipment. The policy can cover two main areas:
Importantly, Business Equipment Protection from Thimble does not currently cover vehicles or smartphones. We’re focused on the key tools and equipment you use to get the job done.
Your Equipment
Anytime, anywhere. Business Equipment Protection is designed for
independent and self-employed workers like you: unlike a commercial
property policy, inland marine coverage applies to damages to your
equipment that occur no matter where you work.
Equipment You Use
If you rent equipment, keep a customer’s appliance in your shop while you’re
repairing it, or borrow a tool from a colleague, Business Equipment Protection
can also cover replacement costs in the event of an accident.
Who needs Business Equipment Protection?
If you’ve read this far, you probably do.
It’s safe to assume that every job involves some kind of owned equipment. (Hey, even mimes have suitcases…) Business Equipment Protection helps you invest in tools to grow your business and work with confidence. It’s the property solution for all 140+ professions covered by Thimble, including:
What does event insurance cover?
Any recipe for a great party is also a recipe for some serious risk.
Event insurance covers two main areas:
And heads up! Thimble policies do not currently cover event cancellation, but you can cancel your policy for a full refund until the minute it starts.
Event Liability
Coverage for bodily injury and property damage to a third party, like an
attendee, vendor, or the venue itself. Includes legal fees and payments for
damages.
Liquor Liability
Coverage for legal fees and damages incurred because of alcohol
consumption at an event. This is included in your event policy if you’re not
selling alcohol, as in BYOB or open bar events, but if you own a business that
sells, serves, or distributes alcohol at events, you can easily add retail liquor
liability coverage to your policy.
And heads up! Thimble policies do not currently cover event cancellation.
Why? Because you can cancel your policy from Thimble for a full refund until
the minute it starts, and event cancellation policies are typically much more
expensive.
Who needs event insurance?
Anyone who likes to have a good time! But actually, event insurance is a necessity for any group of people coming together, including at:
- Sporting Events
- Art Shows
- Conventions
- Birthday Parties
- Business Parties
- Conferences
- Banquets
- Festivals
- Comedy Shows
- Farmers Markets
- Fashion Shows
- Rehearsal Dinners
- Quinceañeras
- Reunions
- Dances
- Trade Shows
- Weddings
- Wedding Rehearsals
- Yoga Classes
- Proms and Dances
What does professional liability insurance cover?
While general liability insurance covers you in the event of third-party bodily injury or property damage, professional liability insurance protects you providing or failing to provide professional services resulting in financial loss. Your policy can provide coverage for these key things:
Actual or Alleged Negligence
The insurer does the legwork in determining what happened when a customer
claims that you (or members of your crew) were negligent in completing your
work, such as missing a deadline or not acting professionally.
Defense of Claims
The insurer defends you in legal proceedings related to claims that you didn’t
follow through on a portion of your deliverable or service, be it the word
count on an article or the file format of a wedding video.
False or Frivolous Claims for Damages
Along with helping to cover the costs of valid claims, the policy will defend
you against claims that ultimately have no merit.
Who needs professional liability insurance?
In a nutshell, professional liability is insurance for pros.
If your clients rely on you for professional consultation, skills, or specific knowledge, from event planning to notarizing documents, they can also claim that negligence in those services resulted in a financial loss on their part. For many businesses, professional liability is optional, but some professions in the medical, government, and legal fields require professional liability insurance in order to secure a license. Other types of businesses that commonly need professional liability coverage include:
- Administrative Services
- Advertising and Marketing Consultants
- Career Coaches
- Computer Repair
- Creative Directors
- Event Planners
- Consultants
- Graphic and Web Designers
- Hiking Guides
- Interior Decorating
- IT Consultants
- Musicians
- Notaries
- Paralegals
- Personal Trainers
- Pet Services
- Photographers
- Programmers
- Sound Recordists
- Software Developers
- Speakers
- Teachers and Tutors
- Tour guides
- Translation Services
- Web Developers
- Wedding Planners
- Writers
Optional Add-Ons: Add Additional Insureds and 100 Crew Members
Business owners and crew members (including employees or temp workers) are covered by Thimble’s liability policies. Additional insureds can be added to a
liability policy and typically include clients, customers, or students who are doing business with you. Your policy extends coverage to these individuals if a
claim or lawsuit is brought against them for an incident resulting from your negligence.
Customer Service: Easy Online Application and Mobile App
Thimble makes it easy for you to extend, modify, pause, or cancel your policy through its mobile app. You can also access your certificate of insurance, add
additional insureds and coverage for up to 100 crew members, and pay using Apple Pay.
Thimble only offers email-based support from 9:00 a.m. to 6:00 p.m. EST Monday through Friday. Thimble also offers a well-organized FAQ section that can
help you find answers to most questions without contacting support.
Customer Satisfaction: A New Company With Happy Customers
Thimble has a 5-star rating with the BBB. It’s important to note, though, that this is only based on two reviews.2 Additionally, the company has an excellent 4.7-
star rating with Trustpilot based on 557 reviews.3 Finally, Thimble’s app has a 4.8-star rating in the Apple Store and a 4.4-star rating in Google Play, indicating
that users are generally very pleased with the app’s functionality and accessibility.45
Cost: On-Demand Pricing Blows the Competition Away
- Due to its focus on flexible policy terms, Thimble is priced lower than most other providers in the small business insurance space. Pricing is only available by
- requesting a specific quote, but policies start from $5.00 and it’s easy to find your own price using the quote app.
Competition: Thimble vs. Next Insurance—Faster and More Affordable
One of Thimble’s closest competitors is Next Insurance. Launched in 2016, Next Insurance offers a similar quick approval process for small businesses
looking for basic liability insurance. Like Thimble, Next Insurance is accredited with the BBB and enjoys an A+ rating with the organization.6
In addition to general and professional liability insurance, Next Insurance also offers commercial auto, workers’ compensation, and tool and equipment
insurance. The company’s policies are backed by Munich R.E., rated A+ by AM Best.7
Among the industries that Next Insurance covers are contractors, construction, consulting, fitness, cleaning, beauty, therapy, entertainment, and education.
Next Insurance has a similar application process to that of Thimble, claiming to be able to provide a quote in minutes. Although the company doesn’t offer a
snazzy app like Thimble, it does make it easy to buy a policy, file a claim, and get proof of insurance online, all without ever talking to a person.
Unlike Thimble, Next Insurance only offers policies by the month. Prices are only available by filling out an application and requesting a quote. The site claims
that some professions can get policies starting at just $11 per month and others for less than $3 per day.
Where Next Insurance shines above Thimble, however, is in customer service. The company offers both email and phone support and also offers a searchable
online help center with video guides.
Although Next Insurance offers more policies than Thimble as well as the ability to talk to a live person, we still believe that Thimble is a better option for
small businesses and freelancers to get fast and flexible liability insurance.
Side-by-Side Comparison
| Factor | Thimble | Next Insurance |
|---|---|---|
| Monthly Price | Starts at $5 | Starts at $11 |
| Initial Fees | None | None |
| Number of Policies | 3 | 5 |
| BBB Accredited Business | Yes | Yes |
| BBB Rating | A+ | A+ |
| BBB Customer Reviews | 5-star | Better than 4-star |
Final Verdict
Quick Approval and Flexible Pricing
Although Thimble has only been around for a couple of years, it has earned a high customer satisfaction rating and its app, which is the primary way customers access their policies, is also highly rated. The company has also mastered the quick approval and short-term policy model with its extremely easy-to-use website and app.