Intellectual Property Insurance - protecting your core asset
May 31, 2019
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.
Whilst industries such as life sciences, medical devices, manufacturing, computer software and pharmaceuticals face higher exposure levels to Intellectual Property (IP) infringement suits, almost all businesses today must consider the possibility of a claim.
And the risk can be costly. As an indication, A litigant before the Patents Court should expect to pay at least £500,000, and often considerably more where the issues are more complex. If you have US or global exposure, this figure could increase significantly.
Lawsuits can be issued for several reasons. Here are just a few scenarios:
- A competitor issues a lawsuit against your firm as you enter or mature into your chosen market.
- A distributor or joint-venture partner is alleged to have infringed third-party IP and reverts to you for an indemnity.
- A contractual disagreement results in an accusation of an IP breach, hampering future revenue streams and growth of your business.
IP Insurance is designed help cover the legal expenses involved in defending and enforcing your rights, allowing you to continue to run your business whilst the claim is resolved.
IP insurance can be arranged for single projects and portfolios and can include cover for the defence of international claims. A policy can provide limits of up to £10 million and cover options can be selected to suit your specific needs and requirements.
If like many small businesses, your IP is responsible for 75% of your turnover, you can add cover to enable you to pursue those who infringe on your rights, thus protecting your own unique intelligence and ideas.
- All IP – including patents, trademarks, copyright and trade secrets.
- Defence costs
- Payment of damages
- Contractual indemnities
- Loss of IP right
- Loss mitigation measures
- Product recall
- Investigation costs
- Expert witness costs
Optional additional cover:
- Pursuit costs – if your IP is breached
- Withdrawal expenses
To find out more, or to get a quotation, do not hesitate to get in touch.