Legal defence costs
In the event that a business is accused of infringing on another party’s IP rights, IP insurance can cover the legal defence costs, which may include solicitor fees, expert witness fees and other expenses related to the litigation process.
Enforcement of IP rights
If a business’s IP rights are infringed upon, IP insurance can help cover the costs associated with enforcing those rights, such as pursuing litigation against the infringer or negotiating settlements.
Damages and settlements
IP insurance policies can also provide coverage for damages and settlements awarded in IP litigation cases. This can help to mitigate the financial impact of an unfavourable legal outcome.
Other IP-related disputes
Some IP insurance policies may also cover costs associated with different types of IP disputes, such as oppositions, cancellations or disputes involving trade secrets and non-disclosure agreements.
IP insurance can be tailored to meet the specific needs of a business, covering a range of IP assets and offering varying levels of protection. By providing financial support and resources to manage IP disputes, IP insurance helps companies to maintain their competitive advantage, protect their valuable IP assets and focus on growth and innovation.