IP insurance can be vital to protecting your bottom line in the event of either a defence or pursuit claim, providing funds to fight, and potentially settle, legal action that would otherwise seriously hit your cash reserves.
Other benefits of intellectual property insurance:
Protect your patents: insurance provides you with the funds to protect your patents.
Hold the value of your IP: protecting your IP rights maintains their value, which can be diminished if infringements go unchallenged.
Deterrent: the mere fact of having IP insurance, and advertising as such on your website, can be enough to put off potential infringers.
Avoid re-engineering: avoid expensive re-engineering costs to ensure non-infringement
Protect your investment: the development of new inventions, or creative work, costs significant time and money. IP insurance protects not only your IP, but the development costs that went into them.
Secure investment funding: proving you are protecting your patents and trademarks can provide reassurance to potential investors.
Protect income: IP insurance can protect your income from licensing or franchise agreements.