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The ability of intellectual property owners to enforce their intangible property rights when those rights are infringed is a crucial aspect of today’s market. Intellectual property insurance can serve as a safeguard for you and your company if those rights are challenged. It provides essential protection for your company in legal disputes over intellectual property infringement or theft.
Creators of products can legally protect them with patents, trademarks, or copyrights. If a company wants to ensure it reaps all the financial benefits of a successful idea, it must secure proper protection for its intellectual property.
If someone is working on a similar product, they may sue you for infringement. This is where the importance of intellectual property insurance comes in. The coverage it provides helps you defend against legal claims related to your product. Likewise, if someone is using your intellectual property without your approval, intellectual property insurance will help you pursue legal action to protect your rights.
IP insurance should be a priority for anyone who relies on patents, trademarks, and copyrights in their work. IP claims can take two forms—you may need to sue another party for infringement or theft, or you could be sued yourself.
Given how extremely difficult it is to create a truly unique product in today’s world, the chances of becoming involved in a lawsuit at some point are high. Even if you are confident in the uniqueness of your intellectual property, someone may still attempt to infringe upon it. The more your intellectual property resembles competitors’ products, the more you will have to spend defending it. Even a legal victory in an infringement lawsuit can be costly.
Intellectual property insurance covers the cost of legal defense. A loss in court can be even more devastating without proper coverage. If you are sued by a competitor and found liable, the competitor may be entitled to recover lost profits. In the process of developing a new product, it is not uncommon to unintentionally infringe upon existing intellectual property. Having the right insurance provides the necessary protection to defend your efforts and cover legal defense costs.
Intellectual property insurance can cover various aspects, including patents, trademarks, copyrights, specific marketing ideas, and advertisements. It also covers contracts related to intellectual property, business continuity, and product recall costs.
Intellectual property insurance is typically divided into two policies—defense coverage and enforcement coverage.
If your company is accused of infringement, the insurance provides coverage for defense costs, as well as judgments or settlements if the court rules in favor of the plaintiff.
Enforcement coverage is used to take legal action against competitors who infringe upon your intellectual property. The insurance carrier helps fund a lawsuit against the infringing party to recover lost income.
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