Intellectual Property Insurance
Intellectual property refers to work or invention resulting from creativity, such as a manuscript or a design, to which a person has rights to. Said person also has the right to apply for a patent, copyright or trademark, which protects the intellectual property from being duplicated unlawfully from another. When someone uses a product, design, book, idea, or concept that is already protected, that person can be held liable. Intellectual property theft is essentially stealing, just as in the case of actual property, thus the need for intellectual property insurance.
Here at The Kerr Agency, we provide our creative clients with comprehensive coverage as part of our intellectual property insurance. This type of insurance coverage protects companies, individuals, or entrepreneurs for copyright, trademark or patent infringement claims stemming from the company’s operation. It will cover the costs related to a legal defense and any judgments up to the policy limits.
Intellectual Property Insurance – You could be sued by a competitor…
Why does one need intellectual property insurance ? If there is a possibility you could be sued by a competitor for infringing on an idea belonging to another person, you need this insurance. You may apply for insurance to protect your patent or trademark, provided you do not know of any infringements or violations. We will need proof that you have filed a patent, copyright or service mark registration. You can purchase this coverage on its own or package it with Technology Errors and Omissions Liability as well. We can sit down with you and discuss your specific needs as to which option is best for you.
Due to the growing prevalence of the Internet and social media, it’s too easy for people to steal ideas and claim them as their own. This is why you need protection in the form of intellectual property insurance. If you’re a company with a new product idea, an author, film maker, inventor, graphic designer, or other creative professional, a competitor could bring a lawsuit against you and plunge you into financial ruin if you don’t have the money to hire an attorney and launch a legal defense. With an intellectual property policy behind you, those costs would be covered in the event a person or company attempts to claim the rights to the same business model, process, or application.
There are a few different kinds of intellectual property insurance:
- Patent insurance: Protects patent holders against losses from infringement.
- Patent infringement liability insurance: A type of professional liability insurance designed for those who have been accused of infringing upon the rights of a patent holder.
- Intellectual property insurance: An umbrella term including patent enforcement, trademarks, copyrights and computer software design.
- Advertising injury coverage: Often used as an add-on to commercial general liability policies, which refers to any advertising content that results in loss to someone else.
The team at The Kerr Agency can go over in detail the various elements of an intellectual property insurance policy, such as abatement and defense. In short, defense coverage provides defense and indemnification for a company or individual if accused of infringing on someone else’s intellectual property. Abatement policies provide the funds to enforce your intellectual property throughout the costly legal process.