While you might be well aware of the risks that come with being a company of one, you might not be sold on the idea of getting business liability insurance. Or perhaps you simply don’t have the money for year-long coverage.
What is Thimble?
This is where Thimble can come into play. Thimble provides on-demand business insurance by allowing flexible time frame terms. Instead of committing to a full year of coverage, freelancers and small businesses can hop on an insurance policy for an hour, a day, a week, or a month.
So as you scale your small business and pivot, you may not need to get helmed into a year-long insurance policy that you might not need later.
Who is Thimble for?
Thimble is for the nimble freelancer who provides a bunch of different services. Maybe you’re just getting your feet wet and doing dog walking a few hours a week. Or perhaps you’re a fledgling solopreneur just starting out and only doing a few short-term assignments in a given month. Or maybe you have a full-time job, and moonlight as a drone pilot during weekends.
You may be able to get different types of coverage for different periods. As your business evolves and shifts and grows, you might be able to opt for other coverage types as needed. It might save you money, and help avoid unnecessary coverage. Plus, it may give you the option to swap out coverage as you go.
Here’s an example: You have a freelance gig as an event producer during the summer months. In the winter months, you might work primarily as a pet sitter for a few hours. In that case, it wouldn’t make sense to pay for insurance for a year upfront.
Who isn’t Thimble for?
If you are a solopreneur who only does one type of work, you might be better off with traditional business insurance.
That being said, through Thimble, you may also be able to get insurance year-round for a lower monthly fee than if you just need it for, say, a month here and there. So you might do a cost comparison to see which is the better fit and deal.
There are a handful of exclusions. Some types of freelancing aren’t covered. You’ll want to poke around the website to make sure you can get covered. Or reach out and talk to a human to get your questions answered.
And just like any insurance policy, comb through the fine print, and read up on how to go about reporting a claim. Insurance can be confusing, and you want to do your homework to avoid getting blindsided.
If you’re starting to build your freelance business, need coverage for different types of gigs for hours at a time, are a part-time freelancer, or generate income from multiple sources, then Thimble could be the right choice for you.
But if you have a full-time business that’s established in a niche, it might make more sense to hop on a standard business insurance policy for year-round coverage.
As freelancers, one of the perks is our freedom. The earned liberty to design our business based on our values, goals, interests, and lifestyle. We always have the power to choose, to be nimble, and to shift gears and pivot. It’s great that a business insurance platform like Thimble gets that.
Before you sign up, it’s a good idea to look closely at exactly what’s covered, the exclusions, and get quotes from different comparison sites that specialize in small business insurance.