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The ability of intellectual property owners to enforce their intangible property rights when those rights are infringed is an important aspect of today’s market. Intellectual property insurance can serve as a way to defend yourself and your company in case those rights are questioned. It provides sufficient protection for your company in a legal battle over infringement or theft of intellectual property. The creator of the products can legally protect them with a patent, trademark or copyright. If a company wants to be confident it will reap all the financial benefits of a successful idea, it must provide the necessary protection to its intellectual property.
If someone is working on a similar product as you, they can sue you for infringement. That is where the importance of intellectual property insurance comes in. The coverage it provides will help you fight the legal battles for your product. Likewise, if someone is using your intellectual property without your approval, intellectual property insurance will help you fight the legal battles over it.
IP insurance should be on the radar for anyone who relies on patents, trademarks and copyrights in their work. IP claims can have two directions – you could be inclined to sue another party for infringement or theft, or you could be sued yourself. Having in mind how extremely difficult it can be to create a unique product in today’s world, the chances that at some point you will be a participant of a lawsuit are high. If you are confident in the uniqueness of your intellectual property, someone might still try to infringe upon it. The more your intellectual property resembles products of your competitors, the more you’ll have to spend in defending it. Even a legal victory in an infringement lawsuit can be costly. Intellectual property insurance will cover the cost of legal defense. A loss in the court can have an even more devastating effect without the proper coverage. If you are being sued by a competitor and end up being guilty, the competitor will be entitled to his lost profits. It is common to infringe an already existing intellectual property while trying to create a new product, so having the right insurance will provide the necessary protection to defend your efforts and cover defense costs.
Intellectual Property Insurance can cover many different things, from patents, trademarks, and copyrights, to specific marketing ideas, and advertisements. It also covers contracts related to intellectual property, business continuity, and product recall costs. Intellectual property insurance can be separated into two policies—defense coverage and enforcement coverage.
If your company is accused of infringement, the insurance provides the necessary coverage for defense costs and judgments or settlements if the judge rules in favor of the plaintiff.
Enforcement coverage is used to go after competitors who infringe upon your intellectual property. The insurance carrier helps you fund a lawsuit against the guilty competitor to recover your lost income.
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