Intellectual Property is increasingly becoming one of the most valuable aspects of a business. Whether it`s the coding for your bespoke website, the blueprints to your product, the unique processes you adopt or the trade secrets that you keep, your IP is something that needs to be secured.
The risks facing businesses vary greatly, including theft or infringement in a number of areas:
Our team of IP brokers is here to help you put the appropriate insurance in place to protect this most valuable asset.
Protecting your IP and defending it in court should an infringement or dispute arise is expensive. Legal fees and the time involved can quickly spiral out of control.
Any company that designs, manufactures, sells or supplies a product may inadvertently infringe on third party intellectual property rights and incur liability. Even if they are only supplying a product that has been designed and/or manufactured by a third party, they can still incur liability.
Companies also spend a great deal of time, energy and money developing their intellectual property. It is important to protect this investment and if someone infringes, it is important to have the ability to pursue them.
Intellectual property infringement risks include the risk of infringing any patent, mark, copyright, design, domain name, trade secret, or miscellaneous intellectual property rights.
There are generally two ways in which IP insurance can protect you and your business:
Offer protection against infringement claims and the resulting legal defence costs.
Help pay the legal costs of suing individuals/businesses infringing your copyright.
Coverage can also include contractual indemnities, loss of profits, loss of intellectual property rights and be extended to include directors and officers of the company.
The world of intellectual property is a complex and challenging one, and for small, start-up businesses it is essential to ensure that your IP is protected at the early stages.
Typical industry sectors seeking cover include:
If you need to discuss any intellectual property related risks, then get in touch with Claire via the email below.
If you need to discuss any intellectual property related risks, then get in touch with Chris via the email below.
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