Reuben's Blog: Thimble Partners with Angie’s List to Provide Short-Term Small Business Insurance

Short-Term Biz Insurance

Businesses which are members of Angie’s list will now be able to buy short-term insurance from Thimble.

Thimble is the IAC-backed company that uniquely offers business insurance that can be started, paused or cancelled on demand.

Just how short is the short term? Insurance can be purchased by the hour, day or month.

Angie’s List and Thimble Partner to Offer Small Business Insurance

“We wanted to find a way to offer business insurance that was a better experience for everyone,” said Thimble co-founder and CEO Jay Bregman. “This allows you, as a business owner, to be in control, even when things are changing that you can’t do anything about.”

The COVID-19 lockdowns have changed the traditional ways of doing business. The Angie’s List and Thimble integration means that a wide variety of home services businesses can access, buy and carry insurance in a simple and flexible way.

Bregman said that even in normal times, small businesses face many challenges. As those businesses embark on economic recovery, the availability of short-term insurance is key to their success.

Nuts and Bolts of the Partnership

Angie’s List is a platform of ANGI Homeservices Inc. Angie’s List includes more than 700 service categories and more than 10 million verified reviews. Consumers use the site, which includes information and reviews about the businesses listed, to choose a service provider.

Thimble’s flexible insurance policies have always been designed for small businesses. Since launching in 2014, Thimble has sold more than 100,000 policies adding up to $125 billion in coverages.

Through the Angie’s List site, a business insurance policy can be purchased on-demand, typically in under a minute’s time. The policy term length can be as little as an hour, day or month, or can be rolled over month to month.

“Consumers are more careful about who is coming into their homes,” Bregman said. “One of the first things they want to know is, ‘Are you Insured?’”

“These workers need easy, mobile access to quick, inexpensive, short-term insurance so they never lose a potential job or have to take the time to call an insurance broker,” he added. “Thimble delivers this in seconds for as little as $5 for one hour for one million dollars of insurance coverage.”

Angie’s List CEO Jeremy Stewart agreed.

“As homeowners begin letting home service professionals back into their homes, trust in who they hire is absolutely vital,” Stewart said. “We always recommend that consumers verify that any pro they hire has an active general liability insurance.”

How Does It Work

You can sign up for the insurance using the Thimble mobile app. Or you can sign up on the web, through the Angie’s List platform. You can visit Thimble.com or download the Thimble app for iOS or Android.

Either way, you can add workers, extend coverage, or start/cancel policies. Bregman said that so far, insurance policies are being accessed equally through the app and website.

“On Angie’s List there are hundreds of different professionals, everything from a photographer to a belly dancer, from a pet sitter to a drone operator,” Bregman said. “Most of those professionals are operating their business from a phone, which makes use of the App a great option.”

Angie’s List has integrated the Thimble API to offer the insurance policies to its pros. Coverage can be accomplished in about a minute. There are numerous insurance products so that any business owner can tailor a policy.

“Within the first hour that we officially launched, we had started our first policy,” Bregman said. “An electrician from Colorado had populated the required information and set up a policy, and it only took him a minute.”

Thimble has been experiencing incredible demand, with a 380% increase in polices, especially in states that reopened early. And it’s not just sole proprietors who are using Thimble.

“Lately we’ve been servicing bigger businesses that want to keep their insurance but don’t want to commit to more than a month at a time,” Bregman said. “Thimble insurance is a must-have for businesses that want to succeed on their own terms.”

Advantages of On-Demand Insurance

Bregman said that as the nation reopens, he’s noted that certain professions are growing at a rapid pace.

“Cleaners and janitors are seeing the biggest upward curve of any profession,” he said. “Also, landscapers and other home improvement professionals – people are investing in their homes like never before.”

Bregman projects – and statistics back him up – that by 2027 the majority of the nation’s workforce will be freelancers. Currently, there are an estimated 57 million people who work independently.

“As more and more people freelance, many clients require them to be insured,” Bregman said. “These workers need easy, mobile access to quick, inexpensive, short-term insurance to that they never lose a potential job.”

Cost comparisons between the traditional year-long insurance policy and insurance on demand are complicated.

“It’s hard to compare the cost,” Bregman said. “A traditional policy is for a year and carries with it a level of commitment that the business is locked into for that period of time.”

“Thimble can be scaled up, adjusted or paused at any time,” he added. “Over the long-term, making those adjustments will help business owners spend less on insurance.”

What’s in a Name?

The first thimbles were invented in conjunction with the invention of sewing. They protected the fingertip from the blunt end of the sewing needle. Most were made from brass.

The first thimble manufacturer opened in London in 1693. The business produced more than 2 million thimbles annually.
In American, silver thimbles were manufactured and became a popular gift.

Some makers made specialized gift thimble and inlaid them with diamonds, sapphire or rubies. Specialized thimbles can be valuable – a 1740s porcelain thimble sold for $18,000 at a Christie’s auction in 1979.

Bregman said that he chose the name Thimble because of its place in history.

“It’s an antiquated object, but throughout history it offered protection to people who were creators,” Bregman said. “To me the name Thimble means Protection, which made it a fitting name for an insurance company.”

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