When your idea is your greatest risk – Consider Intellectual Property Insurance

If your business success and income is dependent on the exclusivity of  your intellectual property or your ability to defend it, have the financial  implications of a problem been considered?

A patent is a good starting point in establishing ownership of an idea but it is only of benefit if the business can afford to enforce its rights.

As part of your business risk assessments, have you considered:

Enforcement  – what are the implications of another business copying  your ideal, trademark or copyright? Would the business lose market share? Can the business afford to pursue a major international corporation?

Defence – what if another company alleges infringements of their intellectual property? Legal defence costs, damages and/or an injunction could be immense?

Revenue Protection – if the business was ordered to stop producing a product – can the organisation survive?

Selling an idea or a company – can mean directors making specific representations about the validity of intellectual property rights – sometimes the valuation of the business is directly related to the exclusivity of the idea. How are individuals exposed if those rights are subsequently challenged?  

Open source code – if your business supplies software – how certain are you of the origin and ownership of every element of the source code?

For further advice on how insurance can offer a solution for intellectual property risks, contact Adam Lawrence on 0118  916 5484 or complete an enquiry form.

*Information correct as of 1st May 2016

Author: Adam Lawrence | November 17th, 2012

Contact the author

Adam Lawrence
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk