Intellectual Property insurance is designed to defend your interests in the event of IP infringements. Its primary use is to fund a legal battle. That's not just if someone infringes your IP, but also when you inadvertently 'trespass' on someone else’s.
It's quite common to accidentally infringe on pre-existing IP as you create something you believe to be new.
Intellectual property insurance covers costs relating to:
- Defence against third-party allegations
- Pursuit costs
- Contracts relating to Intellectual Property
- Cross-undertaking costs, for example, costs relating to court injunctions or freezing orders.
- IP-related accusations against directors and officers
- Business continuity costs
- Product recall costs
As long as you are not aware of any known infringement or isolation, you can apply for insurance to protect your trademark or patent.
IP is the lifeblood of modern business. Even frivolous cases need defending vigorously.