Intellectual Property Insurance
Your Intellectual Property may not be tangible, but it is valuable and needs protecting
Is the Intellectual Property in Your Business Protected?
Every company has intellectual property.
In its simplest form the name of the company or the website address is intellectual property. Patents, trademarks, designs, copyrights, trade or industrial secrets would all be common examples.
For some companies, over 80% of their total value can be derived from their intangible assets so it’s essential you get it covered. Despite this, balance sheets rarely reflect the true value of intellectual property and insurance protection such as patent insurance is equally as rare.
We can help you find the right cover for you. Our intellectual property insurance and protection policies can now be tailored covering one or more of the following sections:
- Infringement defence, legal costs and damages awarded by the court
- Breach of an agreement, such as non payment of milestones or royalties
- Infringement pursuit
- Business Interruption / R&D costs following an injunction
- After the event (ATE) cover
- Investigation costs
Additional Benefits of Intellectual Property Insurance
In addition to providing indemnity for losses and costs incurred, IP insurance has significant additional benefits, such as:
- Providing a deterrent to large competitors who may think that the insured does not have the financial resources to pursue a claim for infringement.
- The existence of insurance also strengthens the insured’s negotiating position with any third party.
Do I Need IP Insurance?
Intellectual Property protection insurance has developed significantly in the last decade and is relevant to all types and sizes of organisation, from new start-up ventures to large multinationals.
Enforcement of intellectual property rights, the validity of them and contractual disputes are increasingly common and, as a result, the insurance market has responded. Policy coverage has broadened whilst minimum premiums have fallen considerably.
Your Independent Intellectual Property Insurance Brokers
Anthony Jones is an independent company, passionate about protecting the rights and ideas of individuals. Your intellectual property (IP) may not be tangible but it is valuable and worth protecting with insurance.
Anthony Jones Insurance Brokers is proud to be a member of IPAN (Intellectual Property Awareness Network) and we work collaboratively with our insurer partners and lawyers to help our customers protect themselves.
If you would like to find out more about protecting some, or all of your intellectual property, we would be happy to help you and we can tailor cover to suit which is as unique as you and your IP.
“We have been using the specialist IP services of Anthony Jones Limited for all our recent client needs and found them highly effective in tailoring insurance solutions to the often challenging client briefs we have introduced and highly commend them in delivering a creative, fastidious and professional service at most cost effective rates.”
Nigel H.Worth, LLB, M.PHIL,F.I.I.L.P.
Innovation Support Services Limited
Some of our most asked questions, answered below:
What is Intellectual Property insurance?
Intellectual Property insurance protects your company’s intellectual property. The type of things that would be classed as intellectual property includes patents, trademarks, designs, copyrights, trade and industrial secrets.
Do I need Intellectual Property insurance?
All businesses own intellectual property but, because it is intangible, many don’t realise they have it or think that it needs protecting with insurance.
For some businesses, intellectual property accounts for up to 80% of the value of their assets. This means it is worth protecting with insurance.
What is Intellectual Property?
Intellectual property is non-physical property that is owned or licensed by an individual or business. This can be registered, such as patents, trademarks, designs or copyrights or it can be unregistered intellectual property, such a s industrial secrets and “know-how”. Both registered and unregistered intellectual property can be insured.
What does Intellectual Property insurance cover?
Coverage can be tailored to individual needs. The insurance can be for a single item of property or for the whole portfolio. The starting point of cover is usually the legal defence costs should you be accused of infringing another’s intellectual property and any damages awarded against you. Pursuit cover (against those you believe have infringed your IP) can be added, as well as Breach of Contractual Agreements, such as non payment of royalty income or milestone payments.
If an injunction is successfully made against you, you can also insure the ensuing loss of revenue income, previous research and development costs and recover the costs incurred in registering your intellectual property.
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