Intellectual Property Protection
What You Need to Know About
Intellectual Property Protection
Since 1956, RJ Ahmann Company has been a premier provider of intellectual property protection nationwide.
What is intellectual property protection?
Intellectual Property Insurance coverage protects companies for copyright, trademark or patent infringement claims. It pays the defense costs and any judgment up to the policy limits. Two types of intellectual property insurance coverage may be recommended:
- Third party coverage protects you if you are sued for infringing on another party's intellectual property rights and it funds your legal defense.
- First party coverage helps pay the legal expenses of suing an individual or firm that has violated your intellectual property rights.
Who should have intellectual property protection?
Companies that develop cutting edge or creative work products should have intellectual property protection. Protecting your ownership of intellectual property is very important as you bring new products to market. Example industries include:
- Pharmaceutical
- Medical technology
- Life sciences
- Biotechnology
- Software and hardware developers
- Telecommunications
- Web developers
- Musicians
- Film makers
- Designers
- Writers
According to Rough Notes, intellectual property accounts for approximately 80% of quantifiable business assets.
Examples of potential intellectual property exposures:
- A medical technology company takes a new product to market, but is sued by another company alleging that they used a design that company previously patented.
- A company is sued for copyright infringement when a guest blogger posts copyrighted content. These types of claims are increasingly common.
- A company sues another company for going to market with a new product, using a name that was trademarked by the accusing company.
Why is intellectual property coverage important?
Companies continuously compete to bring new technologies to market. Being the first to implement a new product design is of great value. If a competitor claims the rights to your innovation, it can be financially devastating. Intellectual property claims have skyrocketed in the last decade. Recently, the American Intellectual Property Law Association indicated that the average cost to litigate a patent infringement suit is in excess of $1 million.
A smart solution
Insuring intellectual property effectively can be complex and expensive. If you need intellectual property insurance, or if you just want to learn more, RJ Ahmann can help. With more than fifty years of experience with providing protection to businesses, our experts can help you work through the issues surrounding the protection of your intellectual property and defend against infringement lawsuits.
As an RJ Ahman intellectual property protection client, you will enjoy...
- A simplified approach to the complexities of trademark, copyright and patent Infringement exposures.
- A better understanding of how to protect your company from intellectual property exposures.
- First-party coverage to assist you with the legal costs of pursue infringers.
- Third-party coverage design to defend you against infringement claims.
Ready to learn more? RJ Ahmann is ready to help with solutions for intellectual property protection!