For many businesses intellectual property assets (IP) created through innovation and hard work are the most valuable ones, allowing them to stay ahead of competitors and be able to charge premium prices.
Having that bright idea is only the start as IP has to be protected and enforced to retain its value against competitors and infringing copycats.Insuring against loss, damage or the theft of physical assets such as property or vehicles has been common in the commercial and domestic markets for years.
What is still less common, but growing, is obtaining insurance to protect your IP. There are many insurance providers who offer a wide variety of insurance cover for different events or types of IP.It is fair to say that the wide variety of options and providers can be confusing for businesses when considering if IP insurance is something that they should be signing up for. Each businesses needs and the risks being insured against will require to be carefully considered, but recently the UK Intellectual Property Office has issued a guidance note about IP and insurance, the different types of insurance available and crucially the potential costs and benefits.
My own practical experience has shown that having the correct type of IP insurance in place can be critical for a client and the ability to take effective steps against infringers or defending themselves against claims to defend themselves from allegations of infringement. The note is a helpful starting point for any business considering IP insurance and is worth a read.