With premiums starting at $780 per year for a $1 million coverage limit, Upcover's management liability insurance is tailored to meet the unique needs of SMEs and sole traders. The product offers coverage limits of up to $10 million, ensuring that businesses of various sizes can find a policy that suits their requirements.
Skye Theodorou, CEO and Co-Founder of Upcover, emphasized the importance of accessible and tailored insurance solutions for small business owners. "The cost of litigation defense can be devastating to Australian business owners and sole traders who don't have adequate cover," Theodorou stated. "We're making it our mission to create a tailored range of go-to options that take the hassle out of purchasing insurance."
Founded in 2019, Upcover has been at the forefront of developing innovative insurance products for the Australian market. The company's new management liability insurance is underwritten by ProRisk under an authority to bind cover on behalf of Swiss Re, ensuring robust backing and reliability.
In addition to management liability insurance, Upcover plans to expand its offerings to include tools of trade, glass, and personal accident cover within the year. The company already provides a range of insurance products, including professional indemnity, public and products liability, cyber privacy liability, COVID bounce-back insurance, and commercial motor insurance. Notably, Upcover also offers specialized professional indemnity and public liability insurance for nurses, demonstrating its commitment to catering to diverse professional needs.
For Australian SMEs and sole traders, the introduction of Upcover's management liability insurance represents a significant step towards mitigating the myriad risks associated with running a business. By offering comprehensive coverage at competitive rates, Upcover aims to empower business owners to operate with confidence, knowing they are protected against potential legal and financial challenges.
