Intellectual Property Insurance
When your ideas ARE your business
Intellectual Property Insurance
If someone stole your business idea, could your business survive? Worse still, what if someone accused you of stealing their idea?
Our intellectual property experts have been protecting IP (AKA the stuff you can’t see) since 2002. We know what questions to ask and how to get the best possible price. So you’re not just protecting your ideas, you’re showing you can afford to defend them.
What is Intellectual Property Insurance?
The full name for IP Insurance is Intellectual Property Rights Litigation Insurance. And yep, it’s a bit of a mouthful. Which is probably why most people call it patent insurance or insurance for intellectual property. But patents are just one of the things covered by Intellectual Property insurance alongside trademarks, trade secrets, designs and copyright.
IP insurance does two things: it helps you defend yourself if another business accuses you of copying their idea. And it covers the cost of pursuing other businesses that have copied your ideas.
IP insurance used to be a niche, expensive, and complex insurance product. Now, it’s easy to buy, it’s cost-effective and we can get you a quote with as little information as your trading name and website address.
“We’ll help you send a strong message to your competitors that not only are you protecting your IP rights, but you can also afford to defend them.” John Goodson, Chartered Insurance Broker
Talk to our Intellectual Property Insurance experts
What does Intellectual Property Insurance Cover?
IP insurance helps you defend claims against your business, pursue businesses that have copied your ideas, and also covers claims related to IP clauses in commercial contracts.
Intellectual property insurance coverage includes:
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Defence against infringement claims
- Legal costs for a patent lawyer if someone alleges that you’ve infringed a patent, trademark or copyright
- Award costs if an infringement is found
- Loss of profits resulting from an injunction that stops you selling your product or service
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Enforcement of your own IP rights
- Legal costs to pursue or challenge unauthorised use of your IP
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Contract disputes
- Legal defence costs and awards if your customer or supplier is affected by a challenge to your Intellectual Property Rights.
Who needs IP insurance?
If your business depends on an exclusive idea, product design or trade name, we’d strongly recommend IP insurance.
In particular, Intellectual Property Insurance is ideal for:
- Tech and software developers
- Product manufacturers (pre or post patent registration)
- Media or design consultancies
- Product designers and engineers
- Businesses who have IP obligations or clauses in contracts with suppliers, customers or franchises
- Businesses who have applied (or are considering applying) for a patent
- Businesses with innovative product lines (startups or simply a new product)
Any organisation whose success is reliant on protecting its trademarks or trade secrets
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Why is IP insurance important?
Accidental and unintentional IP infringement is happening every day. Your idea might seem original, but the ownership of ideas is always open to an expensive challenge. And if your business is built on ideas, IP infringement is a huge risk.
So the big question is: could your business afford to stop trading while you sort out a dispute of ownership?
Intellectual property risks are greater than ever:
- It’s easy to unintentionally infringe someone’s intellectual property rights
- Patent ‘trolls’ are becoming more common. These non-practicing entities buy patents with the sole purpose of suing other businesses
- The cost to defend your ideas, patents or designs could put you out of business
- If you’ve invested in R&D, machinery, suppliers, developers or stock holdings and you have to suddenly stop selling your product, your business may not survive
The good news? Although it’s easier than ever to infringe IP, it’s also easier than ever to get IP insurance.
Thanks to AI, it’s easy to unknowingly steal intellectual property. And ‘registered’ patents, designs, trademarks and copyright are only useful if you can afford to legally defend them.
Patent Insurance
Patent insurance is just another name for Intellectual property insurance. So, if you’re looking for patent infringement insurance, you’re in the right place.
Patents are just one of the intangible assets covered by IP insurance alongside copyright, trade secrets, trademarks and product designs
I have a registered patent so why do I need insurance for patent infringement?
Having a registered patent is great. But unless you can afford to pay the legal costs to defend your patent, it might not be much help. Patent insurance (AKA intellectual property insurance) will cover your legal fees (and settlements) so you can afford to defend your patent.
Who needs patent insurance?
If you have a registered patent that protects you by law, patent insurance will cover the cost of protecting and defending that patent.
And having patent insurance sends the message that you can afford to defend your patent. Which can be enough to put off potential litigants.
Patent insurance is particularly important for companies developing ideas and products, or seeking investment in:
- Tech and software
- Pharmaceutical
- Biotech
- Manufacturing
Having patent insurance sends the message that you can afford to defend your patent.
Why choose Macbeth?
- Our Chartered status isn’t just a title – it’s a badge of trust
- You’ll always get to deal with a real, human person (no bots or self-service here)
- We have an in-house claims team
Intellectual Property Insurance Insights
Intellectual Property Insurance Insights
Intellectual Property FAQs
What is an infringement of your IP rights?
IP infringement is when a person or a company uses or copies your idea (AKA your intellectual property) without your permission.
How can intellectual property be protected?
You can legally protect your intellectual property with patents, copyright and trademarks. But to financially protect your intellectual property, you may need intellectual property insurance so you can afford to defend or pursue a claim.
Does professional indemnity insurance cover intellectual property?
Professional indemnity insurance may cover legal defence costs and damages as a result of unintentional IP infringement. But professional indemnity insurance often excludes patent infringement, and does not cover the costs of pursuing others who breach your IP rights.
What are the benefits of IP insurance?
The main benefits of IP insurance are:
- Being able to defend your intellectual property (your ideas) if someone accuses you of copying them and
- Pursuing someone who may have copied your ideas.
But there are also other lesser-known benefits of IP insurance. For example, having IP insurance may deter potential litigants. And, if you’re trying to attract investors, IP insurance can make a investment feel less risky, because if your IP rights are challenged, your insurance will cover the cost to defend them.
What is the best way to protect a patent?
Intellectual Property Rights insurance is the best way to protect you against the costs of the specialist legal support needed to defend you, or to pursue those who seek to copy your patented product or process. Cover can also be considered for the financial impact of an injunction or a challenge to the validity of your patent rights.
What is patent liability insurance?
Patent liability insurance is just another word for intellectual property insurance. If you have a registered patent, patent liability insurance covers you for legal costs and other financial losses in the event that someone infringes your patent or, accuses you of infringing their patent.
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Protect your ideas – Talk to our IP experts
- Reading 0118 916 5480
- Marlow 01628 532 613
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