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Intellectual Property (IP) cover protects your business from copyright, trademark or patent infringement claims that might arise as a result of your day to day business.
A new or existing competitor might steal your invention or copyrighted material and threaten your business as a result. The legal costs of defending your IP in such an instance can be extremely high. On the other hand you may be accused without warning of having infringed another business’s IP, whether accidentally or deliberately. The cost of defending such a claim can be crippling.
There are three elements to IP cover: defence, prosecution and ATE (after the event). An IP policy will normally only cover the elements you select; we can help you identify the most appropriate cover for you. This depends very much on the nature of your business and your current activities.
IP cover insures you against the legal costs involved in fighting or defending infringement claims. It will also cover the cost of damages in the event of an unsuccessful defence (up to a set limit).
By protecting yourself with IP cover you are removing the risk of a financially devastating legal bill to your company, often incurred through no fault or wrongdoing.