Thimble Now Allows Small Businesses to Pause Their Business Insurance
Businesses that need a break from coverage can place a hold on their insurance policies without canceling outright
May 05, 2020, 13:15 ET
NEW YORK, May 5, 2020 /PRNewswire/ -- Small businesses and entrepreneurs looking for more flexible business insurance and solutions to help them through difficult times have a new solution available with the introduction of Pause. Thimble is introducing Pause for its Thimble Monthly policyholders who may need a temporary break from insurance coverage.
Pause is available immediately to all existing and new customers who have a Thimble Monthly policy. Thimble's monthly policies, which the company introduced earlier this year, are already designed to be more flexible than a traditional annual business insurance policy as they have no deposits, no commitments, and no cancellation fees. The introduction of Pause is a continuation of Thimble's mission to make insurance simple and help small businesses succeed on their own terms.
A Pause, which lasts for up to 30 days, can be initiated at no cost via the Thimble app for iOS and Android. Thimble Monthly customers are still covered for bodily injury or property damage claims that occur during a Pause, as long as the occurrence was not a result of work completed during the break period or prior to having insurance with Thimble. Businesses are not covered for any new work completed during the Pause but can resume their coverage at any time prior to the end of the 30 day period as well.
"We're doing everything we can to adapt business insurance in ways that benefit the business owner," said Jay Bregman, CEO and co-founder of Thimble. "Pause is yet another example of something that might seem obvious, but just doesn't exist in the archaic world of insurance, and is uniquely Thimble. Today, with so many businesses dealing with uncertainty about demand and when it will pick back up, Pause made sense for us to launch as soon as possible so that folks can take advantage of it if they need it. It's a systemic solution rather than a patch of a temporary discount."
Since launching in February, Thimble Monthly already accounts for over 40% of Thimble's overall business and is a favorite of small businesses that favor flexibility and cost-efficiency. Thimble also offers insurance by the hour or day via its popular On Demand product, which allows episodic purchase of short-term policies.
About Thimble
Thimble's mission is to make insurance simple, to help businesses succeed on their own terms. Thimble provides General and Professional Liability insurance via the industry's first on-demand and monthly policies. Small businesses can get covered for as little as one hour or turn on coverage with simple monthly payments. Founded in 2016 by Jay Bregman and Eugene Hertz, Thimble is based in New York City and has raised over $29 million in funding from IAC and other top firms. All Commercial General Liability policies are underwritten by Markel Insurance Company. For more information, download the Thimble app for iOS or Android, or visit thimble.com.
SOURCE Thimble
