Ownership of an idea or a patent doesn’t always guarantee protection from lawsuits. Protect your valuable intellectual property by talking to Reliance.
Intellectual Property & Patent Insurance
Most successful companies start out as an idea in someone’s head. That idea is usually a better way or a new way of doing something that turned out to be tremendously valuable. How do you protect your intellectual property? Many people assume that getting a patent is the best way to secure an idea, but ownership of an idea doesn’t always guarantee protection from lawsuits.
Protect your intellectual property
Patents, copyrights, trademarks, trade secrets and other intellectual property are valuable assets that can set you apart from the competition and help your company grow to new heights. Failure to safeguard these assets from your competitors can lead to catastrophic results ranging from loss of valuable research and development time, loss of future profits, heavy legal expenses and loss of market share.
Avoid intellectual property litigation
The cost of intellectual property litigation can be astronomical and continues to rise. The number of patent infringement lawsuits is growing at an alarming rate.
With vast and swift changes to technology and the race to be the first, these trends towards more litigation will certainly continue.
Patent Insurance
Certain industries such as technology, software, pharmaceutical and nutraceutical have a much higher than average chance of being involved in litigation. While some patents represent small advances over known technology, other patents utilize pioneering approaches. These pioneering advances involve significant dollars and there are those willing and able to wage substantial and expensive legal battles over that technology.
This can pose a real threat to your company. Your best defense against patent infringement litigation is patent insurance and Reliance can advise you.
Intellectual property insurance
Patent insurance is a form of intellectual property insurance. There are two types of patent infringement insurance.
As the patent holder, you are protected against someone infringing upon your patent and causing you financial loss. This policy will cover your legal costs and any damages awarded if you sue for infringement on your patent.
If your company is accused of infringing upon someone else’s patent or intellectual property, the policy will cover the legal costs associated with the accusation and the awarded damages.
The underwriting process of purchasing patent insurance can also allow the company to gauge the strengths and weaknesses of a patent against future litigation allowing the firm to take preventative measures to avoid a patent infringement claim.
Let the expert advisors at Reliance Insurance help determine your exposure and propose appropriate solutions.
You may need:
Directors & Officers Insurance
As a director or officer, protect yourself from being sued.
Building Equipment & Stock Insurance
Your livelihood is dependent on the survival of your business. Protect it against any potential threat.
Key Person
Don't let the loss of a key person in your organization be the death of your business.
Harassment & Bullying Prevention
It’s increasingly critical that employers demonstrate they are providing a respectful and safe working environment.
The team at Reliance Insurance has been proactive in making sure we have adequate coverage for the risks our business engages in. They've done a great job protecting our company, property and assets and ultimately our shareholders.
— VP Sales & Marketing, Zurich Insurance
Discover Expert Advice to Protect What Matters Most!
April 12, 2024
Shielding Small Businesses:
Why Directors and Officers Insurance is Essential
There are many good reasons to incorporate a business: better access to financing, ease of transferring or selling shares, lower tax rates, and increased credibility. […]
February 26, 2024
Breaking down the complexities of a co-insurance clause for commercial property owners
Co-insurance is a crucial concept frequently encountered in property insurance policies. It is essential for property owners in Canada to grasp the implications of commercial […]
February 6, 2024
The Walking Negligent: Liability insurance for businesses in an era of distracted pedestrians
In an era where distracted walkers are increasingly common, businesses must ponder the impact on their liability insurance. The question arises: who is responsible if […]
