Turn your instant pot on sauté mode. Add one tablespoon of oil to the bottom of the pan once hot. Add sausage. Stir and cook until sausage is browned on all sides. Remove from instant pot and transfer to a plate. Set aside.
Add remaining oil to the pot. Add onions and red bell peppers. Cook, while stirring, until vegetables have softened (about three minutes). Then, add garlic and stir.
Use a wooden spoon or spatula to scrape the bottom of the pot to remove any bits that are stuck. Pour in chicken broth.
Add beans, sausage, thyme, Cajun seasoning, bay leaves, and salt and pepper. Stir.
Put the lid on the Instant Pot and twist to seal. Close sealing valve. Set Instant Pot to high-pressure for 1 hour and 20 minutes. When the cook time ends, quick release the pressure by turning the sealing valve to venting.
Carefully remove the lid of the Instant Pot. Then, remove the bay leaves.
Use a potato masher to smash the beans a few times in order to release the flavors of the beans.
Serve over rice and enjoy!