In this daily Financial Services News Wrap, Paige Estritori discusses the latest updates from the Australian financial services industry. She covers the launch of a new liability insurance product by Sydney-based insurtech firm Upcover, designed for small-medium enterprises and sole traders. The insurance provides protection against various issues from employment disputes to financial crimes, with an affordable starting premium. The podcast also talks about the stability in professional indemnity insurance claims per APRA reports, despite a 6% drop in written premiums. A rising concern addressed is the increasing operational costs in the hospitality sector, with an 11% rise in insurance premiums over the previous year. Efforts from policy reforms and resources are being made to combat these challenges. Lastly, the Restaurant & Catering Association suggests surcharges as a key tool to offset costs for businesses, especially during peak hours.n

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