Intellectual property otherwise known as IP can be crucial in the success and longevity of a business. Not only does it protect the rights of your design but also identifies your company name with a particular brand or style of goods. So what key factors should be addressed when starting out and so that you get it right first time?
First of all we need to understand what Intellectual Property is. IP can be in many forms – from a business name to a company logo or a design idea to a product invention. In digital form it can also be associated with a domain name, an APP or an IOT device. IP can be obtained in both registered and unregistered forms.
Registering for IP earlier rather than later is extremely beneficial to a business or entrepreneur, especially if you have an idea close to your heart. The last situation that anyone wants to find themselves in 5 years’ down the line, is that someone else has got there first with your idea. This inevitably could be the failing of your company and at best will require you to rebrand, which can be difficult when you have spent years of time and effort building a name for yourself.
If you invent a new product then it is imperative to keep it a secret and to register as patent protected. Disclosing before the patent is registered could jeopardise your application.
If an employee happens to create an idea that is worth protecting under IP, it should be made aware that it is the property of your company and not that of the individual employee. To ensure that there is a clear understanding with regards to this, it is recommended that IP within the business is outlined in the employee contract and that all avenues around confidentiality are addressed, including at no obligation should they be allowed to copy the patent for their own use.
What do if you encounter an IP breach
If you do have the unfortunate circumstance of uncovering an IP breach of your work then it is important that you take immediate action so that your case has the backing that it requires. According to Karen Holden, founder of A City Law Firm,”You can seek to resolve the issue amicably or take immediate action such as an injunction to cease its use or you can issue a claim to seek damages for your losses and the immediate return or destruction of your IP”.
If you are looking to protect your business with intellectual property insurance or startup business insurance, then please do not hesitate to get in touch with us at Crendon Insurance Ltd. Protecting patents, copyright and trademarks through our confidential service, we provide a range of bespoke insurance solutions which are tailored to help businesses achieve the right cover.
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