At what point should you consider Intellectual Property Insurance?
By 2010 Intellectual Property Insurance (IPI) claims and proceedings had increased by 144% compared to cases in 2006. While many businesses believe it isn’t relevant to themselves, Intellectual Property (IP) is actually relevant to all industries and sectors.
For this reason, IPI is now more affordable to SMEs as well as larger businesses. As well as options available to the Dysons and Apples of the world, there are also lower-cost alternatives available for smaller companies to avoid extravagant legal costs.
We would urge our clients to take great care when looking into options available. Patents and Copyright is simply not enough to ensure total exclusivity of your idea. Legal Expenses Insurance (LEI) is vital to ensure you are protected against the cost of making legal proceedings following any infringement.
The importance of IPI lies with measuring the impact this intangible asset brings to your business. Be it a marketing or financial gain, how big of an impact is this idea having on your business?
Julian Hilton, Regional Director said: ”If someone were to steal your idea, Patents or Copyright would be the only means of protecting yourself.
”IPI with additional LEI will offer protection against the potentially destructive cost of Intellectual theft – making legal proceedings a much more viable option.”
With the growth in significance of new technologies, businesses are opened up to theft on a digital level too.
Julian added: “The consistent threat of ideas being stolen by means of hacking is encouraging businesses to consider IPI and is a frequent reminder of the importance of cyber security.”
All businesses should consider what the impact of intellectual theft could mean to them.
Ultimately, IPI can act as a firewall to protect your business against any violation to your most lucrative asset.