Intellectual property insurance is key to supporting your business when defending itself against claims of IP infringement, and can help you pursue those who are infringing on your patent, copyright or trademark.
Why do you need intellectual property insurance?
Intellectual property is an intangible business asset that often helps set companies apart from their competitors. Unfortunately, few businesses know precisely what their IP is worth, or how to protect it. Covering a wide range of areas from inventions and algorithms to products, manuscripts and design including a name, image, symbol or logo, intellectual property rights allow the original creator to apply for legal protection of their IP in the form of a patent, copyright or trademark. A claim of IP infringement can have a devastating impact on a firm’s finances and reputation. Protecting your business with IP insurance can help fund legal action against an infringer or defend a patent’s validity. Simply having IP insurance in place can be a powerful deterrent to any potential infringer.
Apart from helping protect what you already own, intellectual property insurance can also help your business grow. Allowing you to licence your idea to others can make your business attractive to potential investors, knowing your invention or unique idea can’t be stolen by someone else.
What does IP insurance include?
Patent and IP infringement liability
Contractual indemnities cover
Pursuit of infringers
Loss of IP right cover
Loss of profit
We thought that we had exhausted all options for our type of business. They completely understood the field we operated in and provided us with new options – and then shopped around for us to get a better price.
I like that you can put together a small package suitable for us as a start-up and that this can easily be adapted as our needs develop without breaking the bank on the way.
The team have been providing us with insurance services for nearly a decade…they are highly trained and knowledgeable in their field and helpful in providing support to our business completely attuned to our requirements.