Thimble Insurance Review

Get coverage for what you need only when you need it, whether that is a day, a week, or every month

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Thimble Insurance Review

Get coverage for what you need only when you need it, whether that is a day, a week, or every month

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Our Summary

Thimble is an insuretech leader focused on revolutionizing how business owners buy insurance. We like that business owners have the option to purchase a policy for as little as an hour, but we do want to warn business owners that just because you may only be required to show insurance occasionally, the risk is still there and you should consider a more permanent policy. Thimble is able to help with that as well. 

Company Overview

Thimble is a new player in commercial insurance, with its inception only being 2015 in New York. It is a privately held company that received nearly $29 million in funding to launch its flagship product, general liability. Thimble is actively expanding its policy offerings among industries and into a more robust business owners policy. You may also recognize Thimble for its other name, Verifly Insurance Services. 

Geographic Representation

Thimble is available in 48 states. It does not write business in Washington and New York. 

Lines of Coverage

Thimble currently only writes three types of insurance policies: general liability, professional liability, and a business owners policy. For other insurance needs, you’ll have to go elsewhere. 

The types of commercial insurance policies that you can get with Thimble include:

  • General Liability: Provides financial protection from third-party claims of property damage, bodily injury, and advertising injury.
  • Professional Liability: Protection against professional service mistakes such as bad advice or performance. 
  • Business Owners Policy (BOP): Takes a general liability policy and adds commercial property insurance to it for a comprehensive policy that helps save money. 

Top Industries Served

Thimble offers policies for more than 100 types of professions. It has made a mark in offering insurance to those in the construction industry who need certificates of insurance for certain jobs. This is where having insurance for an hour, day, or month can come in handy for construction service providers who may not always want to maintain an insurance policy. 

Thimble serves other industries such as main street companies and retail providers but their appetite is low for this, meaning that they don’t price their policies to win on price. It makes sense to price Thimble with other providers to see where the best choice is. 

Premium Costs

While you can get a Thimble policy for as little as an hour or two and as low as $9 per hour, we took sample pricing based on the annual premium of a Thimble policy. Expect to pay approximately $650 a year for a general liability policy and $724 per year for a professional liability policy.

Underwriting Process

Thimble prides itself on using technology to make the underwriting process fast and efficient. You can get a quote in a manner of minutes and then bind a policy directly on the website or via your smartphone. You’ll immediately have access to certificates of insurance that are the proof of insurance you need for clients who want to see that you have adequate coverage. 

AM Best Ratings

Thimble does not directly underwrite the insurance policies that it sells. It uses major insurers such as Markel to provide the insurance services sold. Markel maintains an A (strong) rating with AM Best. This means that AM Best feels the company is likely to pay claims and meet its financial obligations. An A-rating is the third-best rating AM Best provides. 

Complaint Index

The National Association of Insurance Commissioners (NAIC) maintains a complaint index for most insurance companies selling in the United States. This index is a ratio of how many complaints the company had in relation to its market share. 

Thimble does not have an NAIC complaint index since its policies are provided by Markel Insurance. 

Markel has a complaint index as follows:

  • Commercial liability: 2.64
  • Commercial property: 1.96

These scores mean that the company has more complaints than expected since the average score is 1.0. While it is important to note this trend, it is also important to note that this is only based on 2 complaints in each category for 2020. 

Reputation

Thimble receives good scores on Trustpilot from its customers. It has over 621 reviews with 86% of them being five-star reviews. Only four percent are one-star reviews. This means that customers, in general, are very pleased with Thimble’s products and services. People especially note how easy it is to get a policy and that the service was good. Frustrations have to do with the limitations of the policies for this growing company. 

Concluding Thoughts

If you’re looking to satisfy an insurance request for your business, you will want a policy that is fast and easy. You might not feel that you need insurance for an extended period of time either, opting to just get a policy for the duration of a particular project. This is where Thimble shines. It’s a good option for general liability needs for those in the construction industry. 

Learn more about Thimble

Methodology

CommericalInsurance.net employs its own independent research to come up with the details for reviews. We do this so that you can have as many insights as possible about a company so that you can make the best decision for your commercial insurance. We take into consideration the company’s history and where they serve. We want to highlight the appetite that a company has as this suggests where business owners can get the most competitive rates. Where possible, we include premium data. From there, we take into account formal complaints, and financial strength ratings along with public reviews painting a broad picture of the company’s reputation. 
 

The entire process was very quick and professional.
MICHAEL HINES
Very easy and straight to the point. I got my insurance in a quick and timely manner.
Alex De Sousa
Amazing! Fast with awesome customer service! Thank you!
Kristen Guthrie