IP Insurance Services – pursuit and defence cover
Intellectual property is one of your most valuable assets and protecting these assets against third party infringement can be complex and costly. The same is true when it comes to protecting your business against claims from others that you have infringed their patents, trademarks or other IP.
A Government survey found that 25% of businesses had been involved in legal disputes involving their IP rights. Also, 20% of SMEs who discovered they were the victims of intellectual property theft were unable to act due to the prohibitive costs of doing so. Such inaction can often lead to both reputational and financial harm.
IP insurance ensures that infringement allegations can be defended efficiently and without affecting the bottom line unnecessarily. It protects innovation by enabling funds to pursue infringers of your IP rights and this course of action is sometimes necessary to retain the value of the IP and business.
If the insured is forced to stop selling a product due to infringement, it pays the loss of profit for a period, allowing the company to recover its position and invest in its other products.
Finally, if a right is lost through the course of an infringement action, the money invested in obtaining and maintaining that right is also recovered under the policy.
IP Insurance Services
If your business needs protection against potential liabilities arising under IP indemnities, the right kind of intellectual property insurance policy is essential.
You may be required to hold licensees, manufacturers, and other parties harmless against the cost of IP litigation. You may even be contractually obliged to hold IP insurance.
If you require funds to fight IP litigation then intellectual property insurance is essential. This applies to whether you are enforcing your rights or defending allegations of IP infringement made by 3rd parties.
Here’s how purchasing intellectual property insurance through a trusted intellectual property insurance broker can support the value in your business:
- Protecting cash flow
- Providing a deterrent
- Improving your negotiating position
- Giving you the ability to indemnify large licensees
- Adding value when licensing or assigning your rights
- Reassures lenders and investors
