Vital Protection for Your Most Important Asset
As a business owner, you wouldn’t hesitate to insure your office contents and other assets. In addition, it makes good commercial sense to insure your intellectual property against infringement. Without insurance, the cost of intellectual property litigation can be astronomical and continues to increase each year. In certain cases, the high stakes of intellectual property litigation can pose a very real threat to the company itself. Here’s what you should know about intellectual property insurance.
What is intellectual property?
Intellectual property is generally divided into:
- Industrial property – Patents, trademarks, and industrial design
- Copyright – Artistic works, e.g. Books, films, paintings, music, photos, and sculpture
What is intellectual property insurance?
Intellectual property insurance protects inventors and companies if they are sued for infringement by another company. The most common type pays for legal fees and financial damages if you are found guilty of intellectual property infringement.
Intellectual property insurance includes:
- The cost of defending your intellectual property against infringement claims
- Coverage wherever your intellectual property is registered
- Support from expert carriers
You can use your intellectual property insurance to:
- Defend yourself against allegations of intellectual property infringement
- Meet the costs of indemnifying a third party (e.g. customer or distribution partner) where your contract requires it
Whether you have more questions about intellectual property insurance or are ready to find yourself a policy, call Hoffman Brown Company.