Business insurance policies protect decision makers and companies from a variety of threats. As the business climate evolves, so do coverage needs. Intellectual property (IP) itself has become increasingly critical. Your business requires enhanced protection, both in physical and digital realms.
Intellectual Property Investments
Global economics has become reliant on intellectual property. Modern organizations require a deep understanding of IP risks, as IP accounts have accumulated a high percentage of corporate value, both in small and large businesses alike.
While limited resources experience bottom-line pressure from daily operations, intellectual property has become very valuable on a return basis. Intellectual property investments require protection, and non-action can pose a significant threat to a business’s success.
Intellectual Property Insurance Basics
Intellectual property protects a business from trademark, copyright and patent infringement claims. A company’s operations require total control of intellectual assets, and any costs risen from defense costs, protection costs and intellectual property loss require protection.
New process development and application is expanding, and many new companies are constantly developing new ideas and products. Companies, both established and growing, can utilize an intellectual property policy’s support of:
- Business model costs
- Processing costs
- Application costs
- Claim costs
Each above process can be damaged in the event of intellectual property loss, making comprehensive coverage vital to a commercial entity’s protection and success.
When Should You Obtain Intellectual Property Insurance?
Any company risking legal action from a competitor needs intellectual property insurance. Additionally, any business intending to protect its intellectual assets from infringement or theft requires coverage. A patent can be protected through comprehensive coverage, and businesses need only file a trademark registration. Patents, copyrights and service marks can be obtained similarly.
Often, coverage is bundled in omissions liability and technology error policy sections. Not normally purchased as a standalone policy, intellectual property insurance can be obtained through a business insurance provider. Depending upon industry, different amenities and policy cost reductions are available. Maintaining adequate coverage is vital to a company’s future expansion and creative outreach, and new companies can obtain protection from violations on many levels. Understanding your business's operations can assist the policy selection process, as well as increase overall selection options.
Are your interests protected? Call 772.287.3366 for more information on West Palm Beach business insurance.