Priced from $780 per year for a $1 million coverage limit, the policy offers flexibility with limits up to $10 million. This affordability and scalability make it accessible to a wide range of businesses, from sole traders to larger SMEs.
Upcover's CEO and Co-Founder, Skye Theodorou, emphasized the importance of adequate coverage, stating, "The cost of litigation defence can be devastating to Australian business owners and sole traders who don’t have adequate cover." Theodorou highlighted the company's mission to create tailored insurance solutions that simplify the purchasing process for business owners.
Founded in 2019, Upcover has been at the forefront of developing innovative insurance products for the Australian market. The company's latest offering is underwritten by ProRisk, with 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 product suite to include tools of trade, glass, and personal accident cover within the year. The company already offers a range of insurance products, including professional indemnity, public and products liability, cyber privacy liability, and commercial motor insurance.
For Australian SMEs and sole traders, this new management liability insurance provides a valuable safety net, addressing a critical need for comprehensive and affordable coverage in an increasingly complex business environment.
