Intellectual Property Insurance
Intellectual property insurance coverage protects companies from copyright, trademark or patent infringement claims arising out of the company’s operation. It pays the defense costs and any judgment up to the policy limits. There are two types of intellectual property insurance coverage available. The first protects you if you are sued for infringement because it funds a legal defense. The second coverage is called a pursuit policy. It helps pay the legal expenses of suing an alleged infringer.
Tyler Texas Insurance
You need intellectual property insurance if the threat exists that you could be sued by a competitor for infringing on an idea or intellectual property belonging to someone else.
As long as you are not aware of any known infringements or violations, you can apply for insurance to protect your trademark or patent. In order to get coverage you will be required to prove that you have completed an intellectual property search, or have filed a registration for a trademark, service mark, copyright or patent.
Internet commerce is based on the ingenuity and development of new processes and applications. Many new companies compete to be the first to develop and sell new products and ideas. A competitor can financially wreck your company if you do not have the funds to hire an attorney and pay the cost of all the legal fees associated with defending your right to a patent or trademark. An intellectual property policy will pay the costs to defend you if someone tries to claim the rights to the same business model, process, or application.