Intellectual property insurance could be one of your most important assets.
With average patent lawsuits in the UK easily exceeding £1,000,000 per side, having the appropriate insurance in place can remove the potentially high financial burden of protecting your intellectual property (IP).
So, if IP is core to how you do business, discover how you can protect it from a range of risks:
Alan Boswell Group can provide expertise on all aspects of commercial insurance, from the initial steps taken when setting up a new business through to any potential sale. Not only can we help with your warranty & indemnity insurance but we can also help with financial advice post-sale.
As an local independent insurance broker we have access to a wide range of products, so we can provide you with the best solution for your business. Add to this service our outstanding in-house claims team and risk management solutions and you have your ideal insurance partner.
Professional and very helpful. Alan Boswell showed their level of commitment by having the relevant people attend the meetings we had. These meeting went well even with us asking the most basic questions. The team made us feel that no question was too silly and showed a professional approach at all times.
IP protection allows you to defend your business efficiently, preserve its finances and reputation and without unnecessarily affecting the bottom line – so your business can continue to operate while the claim is resolved.
And whether you work in life sciences, software development, or manufacturing, there’s a chance your business could find itself defending claims of Intellectual Property (IP), copyright, or patent infringement and this broad policy can be arranged to cover both single projects and portfolios, allowing you to defend claims from around the world.
Risks can also arise when commercial transactions occur, such as merger, acquisition or sale of your IP portfolio. The relevant IP insurance can protect against the representations and warranties given as part of this.
Plus, with limits up to £15m available – and no unnecessary exclusions – you’ll have complete peace of mind.
All of this will protect your core assets.
All we need to get started is a full description of your business, including what makes the company, product, or services unique; revenue split by country and product; business plan (if you’re a start-up) and details of any previous claims.
Some examples of how IP insurance works:
UK company operating in the construction industry:
UK manufacturer of loudspeaker systems
UK baby products company
UK medical devices company
Defence is the standard feature. This covers legal defence fees and expenses if you inadvertently infringe someone else’s IP (e.g. plagiarism, passing off). A good IP solicitor may cost upwards of £500 per hour, and developments in communications technology mean that your infringement may be more easily identified.
Pursuit costs. This covers your legal expenses for pursuing people who infringe your own IP. It’s a “fighting fund”, and is a separate purchase to be added to your insurance portfolio.
Agreements. This covers the costs of pursuing or defending a case in which an existing IP exploitation agreement starts to go wrong.
Possibly. Innocent infringement of third-party IP is sometimes covered by these policies but, very often, patents and claims brought in courts outside of Europe will be excluded. Additionally, not all businesses have professional indemnity cover.
Yes, some sectors are at greater risk than others. If you primarily work in the creative sector, intellectual property insurance should be a must; protecting your primary asset value will be vital.
Almost certainly if you have valuable IP and do not have the wherewithal to protect it.
Premiums vary wildly but can start from as little as £1,000 for the most basic cover and reach tens of thousands for the most comprehensive protection.
If you plan to charge vehicles on your commercial premises, it’s important that you understand the risks and that you’re properly insured.
Covid-19 has highlighted the importance of protecting businesses and decisions made. As well as contingency plans, it also means having appropriate management liability insurance (MLP). We explore directors’ liabilities and how MLP can mitigate financial losses.