Your intellectual property is an asset that requires insurance protection, particularly from competitors, it can be product, slogan, name, a process, or invention that you have created and can be protected by copyright, patent, or trademark.
In recent years there has been an increase in legal challenges and disputes involving the infringement of intellectual property which was seen more companies buying intellectual property insurance. The cover can can allow you to pursue those who have infringed your intellectual property, provide for loss of profit, and helps your business defend itself against claims from infringing upon someone elses IP. The later is a cover typically provided by a professional indemnity insurance policy which may already be purchased if you are a professional services provider.
There are four types of intellectual property, copyrights, patents, trade secrets, and trademarks. Intellectual property insurance is a type of indemnity insurance which protects you against the legal costs, damages and expenses.
Intellectual property insurance allows you defend your business against claims you have infringed someone's intellectual property and more importantly pursue those who have infringed upon your intellectual property.
Businesses spend a great deal of time and money developing their intellectual property. A cost-effective policy which provides you access expert legal advice to take action on your behalf and cover consequential losses can be invalubale.
For many businesses, much of their value lies in what makes them unique. That’s why we believe it’s vitally important to protect the patents, trade marks, copyrights, and other intellectual property that makes your business competitive and successful.
IP policies premiums usually start at a few thousand pounds depending upon the size of your business and industry. For example a business with a turnover of £10 million in manufacturing may pay £3,000 for a £1 million limit.
The cost of intellectual property insurance will reflect the nature of the risk because the legal costs and awards are some of the most expensive compared with other forms of litigation.
Intellectual property insurers will expect a fully completed proposal form along with any additional information requested for them to prepare a quotation, this can take several days to complete.