Intellectual Property Insurance should not be overlooked. Businesses automatically think of protecting assets such as buildings and stock; however, the most valuable assets of a successful company may actually be its intellectual property.
What is Intellectual Property?
IP is broadly speaking, a collection of ideas and concepts – an intangible asset.
Dependant on the type of idea being created, there are a number of ways that IP can be protected:-
- Registered/Unregistered Designs
If IP isn’t protected, it will get LOST or STOLEN
Why Does My Business Need Intellectual Property Insurance?
Protecting your ideas with Intellectual Property Insurance safeguards the Intellectual Property rights of a product within the design stage as well as during commercialisation.
IP Insurance usually contains the following key features:-
- Patent Infringement Liability
This covers costs associated with patent infringement claims being brought against you, including legal costs, damages, settlements and counterclaims
- Pursuit of Infringers
This covers costs associated with enforcing rights if someone infringes on your intellectual property
- Loss of Profit
Cover for loss of profits can be critical for small businesses with only a single or a small handful of product lines. In the event that you lose an infringement case and it results in an injunction against you, the insurance provides cover for your resulting loss of profits for up to 12 months.
- Loss of Intellectual Property Right Cover
Investment in Intellectual Property costs a great deal. If a right is invalidated as a consequence of infringement action, the insurance can repay that investment allowing the Business to expand.
Please contact our dedicated Intellectual Property Insurance team to find out how could support your business, through a confidential discussion.
More information on Intellectual Property can be found by visiting the UK Intellectual Property Office’s (IPO) website at:-