Patent and IP Insurance: Protect Your Ideas
COO & Co-Founder
COO & Co-Founder
There has been a 71% increase in patent lawsuits over the last 6 years. There was a mind-blowing number – 2,754 to be exact – of patent infringement lawsuits filed in 2015; for which the litigation costs an average of $3 million+ and can take 1-3 years to resolve. Trademark and Copyright infringement suits are a little bit “cheaper, ” but can still end up costing you a whopping $700k. The kicker? Commercial General Liability Insurance (CGL) covers some of these types of claims, and Errors And Omissions Insurance (E&O) or Media Liability Insurance will cover copyrights and trademarks depending on your policy, but you won’t find patent coverage included in any of them.
You must be thinking “WHAT THE ^&*%, I’m screwed!! How do I protect myself from this madness?!” The answer? Intellectual Property Insurance.
How do you know if you need IP Insurance? It’s pretty simple: if 1) you hold patents for your product or service or 2) you operate in an industry in which the products/services are commonly patented (and therefore patent trolls are lurking).
What risk factors should you consider when deciding whether or not to purchase IP Insurance? An IP suit can bankrupt your business, forfeit your rights to sell products and services, reduce your market share, revoke technological advances, rob you of valuable time for growth during the suit, ruin your company’s public image, or even force you into ugly licensing deals.
Your intellectual property is one of your most valuable assets as a business. We can provide both enforcement and defense coverage and even have partnerships with companies that provide proactive monitoring and patent troll prevention services. If you feel like this coverage may be a good fit for you, don’t hesitate to reach out!
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