Intellectual Property Insurance
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Do you have intellectual property that is Copyrighted, Patented or Trade Marked, are you safe in the knowledge that you are protected?
Intellectual property, or IP, is a term used for insurance policies that cover risks posed by the offering of products and services. IP insurance policies also cover concerns surrounding Copyright, Patent and Trademark infringement.
Patent, Copyright and Trademark cover
Copyright is one type of intellectual property right. Alongside this are Trade Marks, Patents and Designs. Having coverage for Public Liability will aid in coverage for all three of these different sectors of intellectual property.
Copyright - An automatic right which protects original literary, dramatic, musical and artistic works.
Patent - A registered right that gives the owner rights to the features and processes of inventions.
Trade Mark - Trade marks protect logos and signs used in relation to a particular type of product or service.
What is the impact of increasing IP risk?
IP risk is measured in terms of the number of IP disputes as well as cost. Large publicly funded companies in high-risk sectors such as tech can expect high losses annually, and smaller companies can face annualised average losses at a higher rate.
Not only are there costs in terms of legal expenses, but also in terms of settlements and damages. If an IP right is lost due to legal challenges or theft, there are also additional costs.
What is IP insurance?
IP insurance is a term used for insurance policies designed to cover risks that arise from IP-related issues. This could include first-party and third-party claims.
IP insurance, as a generic term, is often intended to mean IP infringement liability insurance. This is a must for any company seeking IP insurance solutions. Companies often seek this coverage for specific contractual warranties and indemnities that are required in relationships with B2B customers.
How can we help you manage the financial impact of IP risk?
Our extensive experience in IP means we can help you manage the financial impact of IP risks and use your intellectual capital to help grow your business. Here at L Wood, we can assist with providing metrics around who takes responsibility for the IP, which is important for your organisation. To protect your intellectual capital, we can help encourage behaviour that respects IP rights to prevent risks.
To protect the financial state of your business, we can help you take action to quantify the potential financial impacts of IP exposures and ensure we develop models to predict and quantify IP risk.
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