Sydney-based insurtech Upcover has launched new management liability insurance for SMEs and sole traders, starting at $780 a year for a $1 million limit. 

Protection includes against risk from employment disputes, investigations by an official body, tax audits, financial crime, statutory liability, allegations of breaches of law, entity and employment practices liability, investigation costs, and comprehensive crime. 

“The cost of litigation defence can be devastating to Australian business owners and sole traders who don’t have adequate cover,” Upcover CEO & Co-Founder Skye Theodorou, an Insurtech Australia Director, said. 

“We’re making it our mission to create a tailored range of go-to options that take the hassle out of purchasing insurance.” 

With limits of up to $10 million, Upcover says the product suits small and medium enterprises, sole traders, partnerships and associations.  

Founded in 2019, Upcover offers coverage underwritten by ProRisk under an authority to bind cover on behalf of Swiss Re. Last year, it raised $4.7 million in seed funding and debt in a round backed by QBE LMI GM Patricia Priest and former Zurich Insurance Global Life CEO for APAC Colin Morgan. 

Upcover plans to add tools of trade, glass and personal accident cover this year.  

It already offers live professional indemnity, public and products liability, cyber privacy liability, covid bounce back insurance and commercial motor, as well as professional indemnity and public liability insurance for nurses.