Intellectual Property Insurance

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Rinkos Insurance Solutions is a market leader in insurance broking. We help clients better quantify and manage risk to survive and thrive.
Being a Network Partner of one of the largest insurance broking companies, we have the capacity to handle a broad range of risks on either a direct or a wholesale basis.
Drawing on solid relationships with London and global markets we’ll do our utmost to find the right solution for you.

What is Intellectual Property Insurance

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.

Who needs intellectual property insurance?

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.

What can Intellectual Property Insurance Cover

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.

Defense 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

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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