Intellectual Property Insurance
It is far easier to copy than it is to innovate, which is why many businesses with a truly unique product are often faced with the problem of knock-offs and intellectual property theft. Although the law provides a multitude of protections against infringement on your intellectual property, the cost of litigation can be steep. Intellectual property cases tend to be protracted and they divert resources away from more important business tasks. When it comes to protecting your intellectual assets, the best defense is a good offense. Intellectual property insurance creates a financial cushion you can rely on if you are involved in a lawsuit. This protection is especially important for technology companies and media companies, who may be dealing with a high volume of intellectual property assets.
What does intellectual property insurance cover?
Unfortunately, intellectual property infringement is more difficult to quantify than other kinds of property damage. In the event of a fire, the cost of replacing the loss is clear. Due to the uncertainty surrounding intellectual property, there are often exclusions in liability policies.
Typical intellectual property coverage is focused on defense. It does not aggressively pursue patent or copyright enforcement, but it covers the cost of defense if infringement is discovered. This is especially important for smaller companies because it levels the litigation playing field. Too often, smaller companies find themselves unable to defend their claims in court when larger companies utilize their intellectual assets
Why do I need an intellectual property insurance broker?
Whether you’re a single contractor or a mid-sized business, working with an intellectual property policy broker will help you ensure that you’ve selected the best coverage for your unique needs and risks. At Frankel & Associates, we evaluate possible policies based on a variety of factors such as premium costs, individual liabilities, business size and the providers previous claims response history. As a result, you’re able to save time and money by considering only plans that meet your requirements!
Selecting an intellectual property policy can be extremely time consuming and confusing. When you work with a business owner’s policy broker, we evaluate your needs first. Every business is different, and the brokers at Frankel & Associates get to know yours before presenting you with policy options. Our focus is obtaining the best coverage for the right price, not upselling an expensive package. With our exceptional customer service, finding an intellectual property insurance policy has never been easier!