Intellectual Property Insurance coverage protects companies for copyright, trademark or patent infringement claims arising out of the company’s operation. It pays the defense costs and any judgment up to the policy limits.
Two types of intellectual property insurance coverage are available.
The first protects if you are sued for infringement and it funds a legal defense.
The second and more unique coverage is called a ‘pursuit’ policy. It helps pay the legal expenses of suing an alleged infringer.
- You need Intellectual Property insurance if the threat exists that you could be sued by a competitor for infringing on an idea or intellectual property belonging to someone else.
- As long as you are not aware of any known infringements or violations, you can apply for insurance to protect your trademark or patent. However in order to get coverage, you will be required to prove that you have completed an Intellectual Property search, or have filed a registration for a trademark, service mark, copyright or patent.
- This coverage is often bundled with Technology Errors and Omissions Liability, but it can be purchased on a stand-alone basis.
- The burgeoning Internet commerce is based on the ingenuity and development of new processes and applications. Many new companies compete to be the first to develop and sell new products and ideas.
- A competitor can financially wreck your company if you do not have the funds to hire an attorney and pay the cost of all the legal fees associated with defending your right to a patent or trademark. An Intellectual Property policy will pay the costs to defend you if someone tries to claim the rights to the same business model, process, or application.
- To help protect your company, A. J. Longo and Associates offers Intellectual Property insurance coverage. Please contact us to get a free no obligation Intellectual Property insurance quote.
Businesses should know of the various kinds of insurance products available to address intellectual property exposures.
- Patent insurance, which protects patent holders against losses from patent infringement.
- Patent infringement liability insurance is professional liability insurance for manufacturers, users and sellers who are accused of infringing a patent holder’s rights.
- Intellectual property insurance. is a broadened form of patent enforcement insurance. It expands coverage to include trademarks, copyrights and computer software design.
- Advertising injury coverage often accompanies commercial general liability policies under “coverage B.” Advertising injury is a statement made in advertising activities that causes loss to another person or business.