Ten reasons why you should buy Intellectual Property Insurance
Intellectual property are companies patents, ideas and trade secrets which are the key and life source of many businesses. Due to the complex nature of a companies intellectual property: it isn’t a physical object that can be easily quantifiable, standard policies look to exclude these in comprehensive commercial insurance policies. We can offer Intellectual property cover that can be tailored to a wide variety of businesses in order to protect these valuable assets.
Companies can spend a large amounts of money, time and energy into building their intellectual property. We believe that such a significant investment should be insured and protected, that way you can protect and defend and any litigation in regards to infringement rights.
We can find an insurance policy to meet your companies needs throughout the companies establishment; whether your are a start-up or a mature, well established firm. We can offer well-rounded cover for your business and it’s directors in relation to, pursuit actions, defence actions, loss of profit, contractual risks and loss or IP or mitigation rights.
Intellectual property insurance is now more affordable than ever, with more markets providing offering quotes on this risk premiums are becoming more reasonable and competitive. Even smaller companies can are able to incorporate this insurance into their company budget.
Intellectual property insurance allow a company to meet their indemnities in customer contracts without going bankrupt, it works as a business enabler. This means smaller businesses can sign up to contracts with larger companies to meet their high demands and grow as a business.
We agree that you know what is best for your company. So where do we come in? We can provide insurers with expertise in seeking out the best strategy to handle you claim pro-actively as well as allowing your company to have the freedom it needs. If a claim of infringement action meet the criteria to do so, insurer will assist inn a full assessment of the claim and agree the best pursuit for your company.
“Intellectual property wordings are full of insurance jargon” We are happy to explain and go through any of your queries within the insurance policy wordings, so you know exactly what’s covered. The insurance industries regulatory and authorizing body ask for those of us in the industry to ensure that information provided to customers are clear, fair and not-misleading, as this is something we aim to provide, especially for such complex risks such as this.
We realise that insurance doesn’t provide comfort or benefits to you, or your stakeholders unless the events you are insuring against are covered all the time. that’s why we can facilitate to your companies needs, with more insurer offering intellectual property insurance we can find a policy with few exclusion. This can reduce any unwanted surprises in the event of a claim if there are unexplained conditions or exclusions on the policy.
Can you afford not to insure your intellectual property? The legal costs associated with litigation are very high whether you are infringed or not, if you cannot afford to defend yourself and keep the company afloat in the often long litigation process, the opposition may get their way in a case against your company.
Obtaining Intellectual property insurance has previously been a long and drawn-out process. With our very personalised team you will be able to deal with one member of our team and keep in constant contact with them whilst we obtain all the information we need to get your quote.
If you are interested in reading more about intellectual property insurance please read our product page, similarly if you would like to inquire about retrieving a quotation for intellectual property insurance please contact us today.