Intellectual Property Insurance
If you have a business you’ve probably got a logo. This is often the first bit of your business that you need to protect with Intellectual Property Insurance. You need it even more so if you also have a trademark or a patent or you are building your brand. You see businesses thrive and grow because of the innovative ideas business owners and those that work within businesses have. Without unique ideas, for which you need Intellectual Property Insurance, our economy would come to a stand-still. But those ideas and all the investment that goes into making those ideas a reality, and then the huge amount of time and cost of marketing them needs to be protected. Most businesses couldn’t afford to fight a court-case, so having IP Insurance gives you a fund of money so you can fight your corner.
The Government Recommend You Get Intellectual Property Insurance
It’s not often that the Government tells you something that is really useful. When it comes to Intellectual Property Insurance they say and we quote, ‘you may find it has numerous benefits’! Follow this link for the full lowdown on what the Government says https://www.gov.uk/guidance/intellectual-property-insurance.
What we offer at Prizm Solutions is designed for SME businesses who don’t have a multi-million-pound fighting fund. Intellectual Property Insurance will help businesses defend what may be their biggest asset, their idea or main product line, from an infringement or attack from anywhere in the world.
This type of policy can cover the costs associated with patent infringement claims being brought against you, so that’s people saying that you have stolen their idea. Including legal costs, damages, settlements and counterclaims. Intellectual Property insurance will also cover the costs associated with you enforcing your rights if someone infringes your Intellectual Property. In the worst case scenario, it can even cover your lost profits should you lose an infringement case.
What is Intellectual Property And Why Do I need Insurance?
As the leading independent insurance broker in Tamworth people ask us “What is Intellectual Property Insurance and why do I need it?” Sometimes also referred to as IP, this includes patents that protect your inventions, trademarks that protect your brand, copyright and even trade secrets.
Most start-up businesses have very little Intellectual Property initially apart from a name and a brilliant idea. Problems arise if someone else thinks that they are also brilliant, and they have the same or a very similar idea. How are you going to afford to defend yourself or fight back if they rip you off, especially if they are in another country?
Intellectual Property Insurance will give you the fund you will need if you accidentally infringe someone’s brand, patent, invention etc. On the flip-side, you will also have a fund of money to enable you to get specialist advice and assistance to protect yourself from anyone who tries to rip off your ideas and other IP. Anyone who has had experience of using a specialist Solicitor will know that their expertise doesn’t come cheap.
Intellectual Property can sometimes be covered under a Legal Expenses policy BUT in most cases, it is not covered and therefore the only way to protect what makes your business unique is to purchase Intellectual Property Insurance cover. Premiums can often be paid in instalments.
If you’re looking for third party investment you may often find that the third party will want some Intellectual Property protection to be in place first to prevent another entity stealing your concept, or brand or idea and patenting it themselves.
What Will Intellectual Property Insurance Cost?
Intellectual Property Insurance gives you a fund of money and access to specialist help and assistance for a fixed annual cost, called the premium. The cost of the premium will depend upon what you are looking to protect and may be affected by the market sector you are in, and whether you trade in the UK or globally. As a rough indication, £100,000 of cover can cost around £1,500 for patents and less for other kinds of IP insurance cover.
Like anything, a one-size fits all approach is unlikely to give you the protection you need and may cost you more. So, talk to us. We are experts in Intellectual Property Insurance, and we will be able find the insurance that is right for you.
We are experts in a very wide range of commercial insurance and as an award-winning independent insurance broker our experienced team are on hand to help and advise you on the types of insurance your business needs, and in specialist areas such as Intellectual Property insurance. You can save yourself a lot of time researching the internet with a quick call to us.
What Is Typically Included In Intellectual Property Insurance?
Our advice will be tailored to your specific business but may include:
Patent and IP Infringement Liability – Enables you to defend IP infringement claims being made against you. This includes Patents and all other IP infringement claims.
Pursuit of Infringement Against You – Covers the costs incurred when you enforce your IP rights if someone infringes your Intellectual Property and it has a commercial impact upon your business.
Loss of Profit Cover – Fighting an IP claim is time consuming, and often for most small businesses the thing that they are fighting to protect is the main activity of the business. If you lose an infringement case subject to certain criteria you can get cover for your resulting loss of profits for a defined time.
Loss of IP Right Cover – If you lose an Intellectual Property right this policy could repay the investment costs you have made in the development of this idea and allow you to quickly move on to your next development project.
The Benefit Of Our Intellectual Property Insurance Expertise
Historically arranging Intellectual Property Insurance has been a lengthy business. Because we are experts in arranging this and other commercial insurance, we aim to come back to you with a firm quote and have policies in place quickly and efficiently.
As long as we have all the information we need this should take only a matter of days.
You can also have confidence that you have received the right advice relating to your specific business, you have the correct Intellectual Property Insurance in place and are paying the correct level of premium.
Why Prizm Solutions Is Unique
We have a very different approach to most brokers in our industry, for a start we prefer not to take a commission! Prizm was launched in 2006 and our directors wanted their business to be different. They wanted their business to be honest, open and ethical. This is why we prefer to take a fee for arranging your Intellectual Property Insurance, so you know we are giving you the insurance advice that is absolutely correct for you.
Please give us a call or drop us an email and we will be very pleased to give you the benefit of our knowledge and experience on IP insurance or any other kind of commercial insurance. You will find our contact details here.
Would you like a quote or to find out more?
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