Helping Your Business Manage Risk
Intellectual property insurance protects your business in litigation involving allegations of infringement of another rights, trademark, copyright, or property. Intellectual property can be defined as the creation of ideas, procedures, content, literary work, or even musical compositions.
Common Intellectual Property Right Claims
Recently, claims have come from employees who have developed and designed business applications without compensation.
Less than 45% of new businesses last more than 4 years, mostly due to competition. The average litigation costs for an intellectual property claim is around $500,000. Every business that is making, using, selling, importing, or offering for sale most goods and services is vulnerable to charges of Intellectual Property infringement
Most Intellectual Property insurance policies will provide defense cost reimbursement coverage. Every business has insurance for fire, collision, and slip and fall accidents. However, those same companies usually do not have coverage for intellectual property infringement.
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