According to Thimble, as small businesses in the US are navigating the reopening economy, innovative insurance partnerships can provide them dynamic solutions that adapt to real-time, evolving requirements

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Hiscox partners with Thimble to provide short-term business insurance plans in the US. (Credit: Steve Buissinne from Pixabay)

Hiscox, a Bermuda-incorporated specialist insurer, has joined forces with insurtech company Thimble to offer short-term liability insurance plans for small businesses, which will be available by the hour, day, or month.

According to Thimble, small businesses have to know that they have an alternative to annual insurance commitments and that its partnership with Hiscox will give them the true flexibility with a policy that grows and adapts along with them.

The insurtech company said that as small businesses in the US are navigating the reopening economy, innovative insurance partnerships can provide them dynamic solutions that adapt to real-time, evolving requirements.

The New York City-based firm said that customers will have complete control of their policy through its insurance app, besides having the flexibility to alter their coverage based on a project’s requirements. Small businesses can also add additional insureds or even pause coverage when required, said Thimble.

Thimble CEO comments on the partnership with Hiscox

Thimble CEO and founder Jay Bregman said: “Hiscox was the first insurance company in the US to offer small business insurance direct and online, and they continue to have their finger on the pulse of what small businesses want – which now more than ever is flexibility.

“It doesn’t matter if you’re a freelancer working job-to-job, or an established small business that needs a month-to-month solution – Thimble has insurance to help you succeed at your own pace, on your own terms.”

Both the companies plan to implement further integrations later in the year.

Hiscox US small business insurance executive vice president Kevin Kerridge said: “We are committed to providing innovative solutions to small businesses.

“Through this partnership, we can now offer small businesses a flexible solution through Thimble that can quickly adapt to the changing needs of their business.”

Last month, the insurtech company launched a new solution called Pause for its monthly policyholders who may require a temporary break from insurance coverage.

Under the new Pause solution, which lasts for up to 30 days, customers are still covered for bodily injury or property damage claims that take place in the policy duration if the occurrence is not caused by work completed during the break period or prior to having insurance with the company.