Imagine you have the best idea. You are the following Facebook, the next iPhone, the new self-driving automobile that runs on carbon dioxide and emits only oxygen and diamonds. You were first. It is your baby. You've got the patent to prove it. With an idea that good, you know somebody is going to claim they came up with it first. Therefore, what sensible may be a patent if you are not in a position to defend it?
Intellectual property is the center of the technology business. After all, lots of people think a patent could be a type of insurance since it grants you an exclusive right to form, use, or sell a selected product. Therefore why get intellectual property insurance? Two reasons:
Initial, you might would like to sue, or at the terribly least bring in an exceedingly lawyer to defend your rights. In keeping with the Yank Intellectual Property Law Association, the average value of a patent litigation is $five hundred,000 to $5 million for every of the warring firms, depending on the amount of infringement in question. A competitor will financially wreck your company if you are doing not have the funds to rent an attorney to defend your patent or trademark. If they are larger than you, and have deeper pockets, you might not be ready to hold out till you've had your day in court.
Second, you may be sued by a competitor for copyright, trademark, or patent infringement. They'll countersue whereas you are defending your rights. There will be heaps of suing back and forth and regardless of who started it, the attorneys have to get paid. Thus, if you don't have intellectual property insurance, you have the following options when faced with a patent infringement:
* Pursue the infringer (or defend yourself) by using your money reserves and out there credit lines.
* Attempt to obtain a license from the corporate that is accused you of infringement.
* Abandon your product line.
Which of these choices appeals to you? Intellectual property insurance pays your legal defense costs and any judgment up to the policy limits. Some policies can additionally facilitate your pay legal expenses involved in suing an infringer. That's why firms buy it.
Relying on the size and scope of your organization, your specific choices can vary. Meeting with a risk management skilled may be a worthwhile investment of your time. Understanding your intellectual property risks is very necessary if you manufacture or market new products. Each act of infringement lowers the value of a patent - eventually infringement can render it worthless. This can be why I'm fascinated by where technology businesses meet insurance.
Author Resource:
Adam has been writing articles online for nearly 2 years now. Not only does this author specialize in Intellectual Property Coverage
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