Joint solution aims to offer businesses custom legal documents and insurance coverage
Upcover and Lawpath have joined forces to offer an integrated, online experience that seeks to streamline legal and insurance services for Australia’s small and medium-sized enterprises (SMEs), small businesses, startups, and sole traders, launching this month.
The collaboration aims to allow small Australian businesses to purchase tailored insurance coverage and custom legal documents and provide end-to-end business compliance support, according to a media release from Upcover.
“This partnership is about breaking down yet another barrier for small businesses,” said Anish Sinha, Upcover co-founder and chief operating officer (COO), in the media release.
Upcover dubs itself Australia’s only digital-first commercial insurance broking company, while Lawpath serves as a legal software platform for businesses and individuals alike. They said they were working together to address fragmented access to services such as insurance and legal documentation, which they described as a long-standing gap within the country’s business services sector.
Upcover and Lawpath stressed that they have joined forces at a time when 95 percent of commercial insurance in Australia is subject to offline distribution, even though businesses are increasingly demanding technologically accessible, digital-first services.
“Our customers often ask us for help with business insurance, just as many of upcover’s clients need legal documents,” said Dominic Woolrych, Lawpath CEO, in the media release. “This partnership brings two essential services under one roof, simplifying operations for Australia’s entrepreneurs and business owners.”
“By teaming up with Lawpath, we’re combining two essential services, legal and insurance, into a single, automated experience that reflects how modern businesses operate,” Sinha added.
Both collaborators’ platforms will offer access to the new bundled offering, according to Upcover’s media release.
“We’ve built upcover to challenge the analogue incumbents and to bring business insurance into the digital age,” Sinha said in the media release. “One in three businesses that quote with us take insurance from us, that’s because we’re offering coverage that actually fits their needs.”
For now, the collaborators said they intend to focus their solution on sole traders and early-stage businesses and offer packages including public liability, professional indemnity, and directors’ insurance, together with legal documents such as shareholder agreements, employment contracts, and intellectual property protections.
Eventually, the collaborators intend to expand by offering industry-specific bundles and embedded services across other verticals.
