Intellectual Property Insurance
Most leading successful companies started out as an idea in someone’s head. That idea was usually a better way or a new way of doing something that turned out to be tremendously valuable. How do you protect an idea? Many people assume that getting a patent is the best way to secure an idea, but ownership of the idea doesn’t always guarantee protection from lawsuits.
Protect your valuable 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.
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.
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, 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 experts at Reliance Insurance help determine your exposure and propose appropriate solutions.