Intellectual Property Insurance should not be overlooked. Protecting your ideas with Intellectual Property Insurance safeguards the Intellectual Property rights of a product within the design stage and prior to manufacture. The most valuable assets of a successful company is not always the buildings and stock , but rather their registered trademarks, patented inventions or registered designs.
Companies automatically think of protecting assets such as the buildings and stock etc. but the investment involved in developing your Intellectual Property rights should also be considered.
How can intellectual property insurance benefit your business?
- Developing your intellectual property rights, research and development or the costs involved for cover when using marketing and branding consultants.
- Expenditure on patent attorneys, trademark agents or specialist solicitors.
- Time and effort involved in seeking Backers for your business and how important your intellectual property rights were in gaining that backing. Do Backers want to protect their investment and would Backers be easier to persuade if you have protected your Intellectual Property rights?
- Licensing of your Intellectual Property rights.
- Availability of financial resources to fight an infringer.
- Failure to sue for an injunction or compensation could see all investment and value in your business lost.
Intellectual Property Law is one of the most complex and impenetrable of all legal disciplines. Complexity equates to expense with lawyers practising in this field charging some of the highest fees of any area of law.
What are your rights by having intellectual property insurance in place?
Intellectual Property Insurance provides cover for legal expenses to:-
- Pursue infringers to obtain an injunction
- Obtain an injunction or compensation.
- Pursue licensees for breach of license agreement.
- Defend your licensee if it is alleged that the intellectual property infringes Third Party rights.
Please contact our dedicated Intellectual Property Insurance team to find out how could support your business, through a confidential discussion.