The management liability insurance covers various exposures, including employment disputes, investigations by official bodies, tax audits, financial crimes, statutory liabilities, allegations of legal breaches, entity and employment practices liabilities, investigation costs, and comprehensive crime coverage.
With premiums starting at $780 per year for a $1 million coverage limit, the product is accessible to a wide range of businesses. Coverage limits extend up to $10 million, catering to the diverse needs of SMEs and sole traders across different industries.
Upcover's CEO and Co-Founder, Skye Theodorou, emphasized the importance of this offering, stating that the cost of litigation defence can be devastating to Australian business owners and sole traders who lack adequate coverage. The company's mission is to create tailored insurance options that simplify the purchasing process for business owners.
Founded in 2019, Upcover has been proactive in expanding its insurance solutions, including professional indemnity, public and products liability, cyber privacy liability, and commercial motor insurance. The introduction of management liability insurance aligns with Upcover's commitment to providing comprehensive and accessible insurance products for the Australian SME sector.
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