Patent and Intellectual Property Insurance Basics
When finding insurance coverage for your business, it can be difficult to wade through the various types of coverage to determine which ones you do or don't need.
With litigation on the rise in virtually every field, many business owners opt to play it safe by purchasing coverage that protects them from a wide range of risks and lawsuits. Patent insurance and intellectual property insurance are two types of insurance that more and more businesses are opting for.
What is patent insurance?
In a nutshell, patent insurance protects you from lawsuits claiming you infringed on a patent. It also covers costs to pursue another company that infringed on your patent or idea. These two types of insurance are known as patent liability insurance and patent pursuance insurance.
What is intellectual property insurance?
Intellectual property insurance is an expanded form of patent coverage. In addition to protecting your company's patents, it also covers trademarks, copyrights, and your company's computer software designs or programs.
Does my business need patent insurance/intellectual property insurance?
Whether or not your business needs patent insurance or intellectual property insurance depends on the type of business you operate. If you have a commercial day care center or a drycleaning store, chances are you won't need this type of insurance.
However, if your business develops software programs or designs or has created a type of manufacturing process, patent insurance and intellectual property insurance are a must. The competition to develop and market new products and ideas is intense, and companies want to protect their ideas and programs.
You may also want intellectual property insurance to protect any advertising you have created, such as catchphrases or logos.
Litigation against companies that have infringed on patents or copyrights can be costly, resulting in financial ruin if you don't have adequate coverage not only for attorney's fees, but for any judgments or settlements against you.
Finding Patent Insurance
Until recently, patent insurance and intellectual property insurance was relatively difficult to find. Now, you can find coverage to protect your ideas and trademarks from a number of insurance companies. Each company varies in the amount they charge for coverage, so the more quotes you find and compare, the better rates you will get. Netquote.com can help you find multiple patent insurance quotes quickly and easily, so you can get the best coverage at the most affordable price.
See how much you could save today on your insurance. Get your free business insurance quotes today!