Thimble, a startup insurance distributor providing hourly policies for smaller SMBs and gig workers, has introduced Business Equipment Protection, insurance specifically dedicated to covering the tools used by small business owners while working, ranging from chainsaws and hedge trimmers to cameras and curling irons.
Designed for freelancers, independent workers and small business owners, the new insurance offering covers not only the cost of damages to equipment that may occur while working, but also damage to rental equipment, customer equipment, or borrowed equipment, according to a Thimble statement. Business Equipment Protection will also cover replacement costs in the event of an accident.
“At Thimble, we are constantly talking to our small business customers and evolving based on that feedback,” comments Jay Bregman, CEO & Founder, Thimble. “Equipment protection is essential for many businesses, especially in today’s uncertain climate where the cost of an expensive tool can’t be taken for granted. We’re here so that these business owners can have peace of mind to focus on what matters most: their business.”
Rolling Out Nationally during 2021
The new offering provides three coverage limits–$1,000 and $2,000 and $5,000, each with a $500 deductible. Thimble customers can pay the premium they’re quoted, and in the event that equipment is damaged, they are covered up to their selected limit.
Business Equipment Protection is offered to all 200+ professions covered by Thimble and will be rolling out nationally throughout 2021. Thimble says that, to date, coverage has been particularly popular with the company’s Handymen and Contractors, with 62 percent of these professionals adding Business Equipment Protection to their existing coverage.
Source: Insurance Innovation Reporter
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