Starting at an annual premium of $780 for a $1 million coverage limit, the policy encompasses protection against:
- Employment disputes
- Investigations by official bodies
- Tax audits
- Financial crimes
- Statutory liabilities
- Allegations of legal breaches
- Entity and employment practices liabilities
- Investigation costs
- Comprehensive crime coverage
Skye Theodorou, CEO and Co-Founder of Upcover, highlighted the financial challenges that litigation defense can pose to Australian business owners and sole traders lacking adequate coverage. She emphasized Upcover's mission to simplify the insurance purchasing process by offering tailored options that remove the hassle traditionally associated with obtaining insurance.
With coverage limits extending up to $10 million, this product is well-suited for a diverse range of businesses, including SMEs, sole traders, partnerships, and associations. Upcover, established in 2019, operates under the underwriting authority of ProRisk, which binds coverage on behalf of Swiss Re. The company has also secured $4.7 million in seed funding, with backing from industry leaders such as QBE LMI GM Patricia Priest and former Zurich Insurance Global Life CEO for APAC Colin Morgan.
Looking ahead, Upcover plans to expand its offerings to include tools of trade, glass, and personal accident coverage within the year. The company already provides a suite of insurance products, including professional indemnity, public and products liability, cyber privacy liability, COVID-19 bounce-back insurance, commercial motor insurance, and specialized coverage for nurses.
For home-based service providers, this development is particularly noteworthy. The introduction of management liability insurance tailored to the unique needs of small businesses and sole traders offers an accessible and affordable solution to mitigate various operational risks. By leveraging Upcover's streamlined platform, business owners can efficiently secure the coverage necessary to protect their enterprises against potential liabilities.
In summary, Upcover's latest offering represents a significant advancement in the Australian insurance landscape, providing SMEs and sole traders with a comprehensive, cost-effective, and user-friendly option to safeguard their businesses.
