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Entries close 31 March 2021.
Intellectual property—patents, trademarks, copyrights and trade secrets—may be more important to your business than tangible assets.
Intellectual property (IP) insurance can help cover legal expenses involved in defending and enforcing your rights.
What is Intellectual Property?
As IP becomes a vital part of more firms’ assets, businesses must consider the additional exposures they face. While certain industries such as manufacturing, computer software and pharmaceuticals face higher exposure levels to IP infringement suits, almost all businesses today must consider the possibility of a claim.
Some examples of Intellectual Property
There are several types of intellectual property protected under the law, including: trademarks, copyrights, patents and trade secrets. If the threat exists that (1) your company could be sued by a competitor for infringement or intellectual property theft, or (2) you do not have the funds to cover legal fees associated with defending your patent or trademark, it is vital that you purchase an IP insurance policy.
Why do I need Intellectual Property Insurance?
It is estimated that IP theft costs companies billions of pounds a year in lost revenue.Understanding your intellectual property and how to protect it is essential for a business to be successful.
Cover for Legal Fees
IP insurance can help cover legal expenses involved in defending and enforcing your rights. Defending infringement litigation is often an expensive and lengthy process. The average patent suit in the United Kingdom can exceed £250,000 per side.
There are four main kinds of intellectual property which can be protected:
Failing to provide the sufficient amount of protection for your company’s intellectual property can lead to lost sales and high legal fees to catch the criminals to get your stolen information back.
As your business grows and develops, your insurance needs will undoubtedly change. FOCUS will work with you to ensure that the exposure and risks faced by your business will be protected, leaving you with complete peace of mind.
To find out more, contact us