A company called Thimble now offers Product Liability insurance policies for home-based crafters and makers – the kind of sellers you’ll find on sites like Etsy – including clothing designers/sellers, small apparel manufacturers, jewelry makers, and candlemakers.
Sellers can shop “Crafters Insurance” plans to provide coverage for bodily injury or property damage arising from the sale of goods manufactured or sold by the insured.
“No entrepreneur wants to have their entire business derailed because of a crazy accident,” according to a company spokesperson.
Thimble calls itself an on-demand insurance startup for small businesses – cofounders Jay Bregman and Eugene Hertz originally launched Thimble as Verifly to bring liability insurance to a growing market of drone operators. It expanded its mission and now arranges on-demand insurance solutions for over 200 small-business professions.
(Visit this page of the Thimble.com website to see if it’s available in your location.)
Thimble is not an insurance company – it connects small businesses with insurance policies provided by a “pool of some of the largest and most secure insurers and re-insurers in the world.” According to its recent press release, its General Liability and Professional Liability policies are underwritten by Markel Insurance Company or National Specialty Insurance Company.
You can learn more about Thimble on its FAQs page, and be sure to review terms and contracts, of course.
Sellers should determine for themselves if insurance is required by the marketplaces on which they sell; whether it’s prudent to have policies in place; and which providers have a good track record. An insurance industry site links to ratings agencies on the iii.org website.
If you’ve gone through the process of evaluating the need for insurance or have advice for colleagues, share your thoughts in the comments below. Why did you decide to obtain or forgo insurance on your ecommerce business?