Protecting the value in your Intellectual Property
Any business is well advised to protect itself against risk of loss associated with its assets by taking out insurance, and given that intellectual property is the single most valuable asset to a growing number of businesses, many such businesses are considering whether insuring against risks to their IP is worthwhile.
The prohibitively excessive premiums or excesses have, in the past, made such policies inaccessible to the majority of start-ups and SMEs, and the restricted scope of cover of many policies has rendered them of limited use. However, in a changing market, more affordable policies are now commonplace and SMEs with intangible assets forming a substantial part of their value are encouraged to explore the options available.
‘Before the event’ policies can provide cover for legal costs associated with obtaining an opinion on the likelihood of success of a claim, enforcement of your IP rights and defending allegations of infringement, along with cover for damages payable on loss of an IP dispute, but such policies can only be taken out before the alleged infringement of IP has occurred. Businesses should therefore endeavour to take out such policies at an early stage, giving careful consideration to the small print of any policy.
For advice on your protecting your IP and other business assets or acquiring IP contact our Business Team.< Back