What Is Intellectual Property and Do I Need IPR Insurance?

Intellectual property Insurance IPRIPR Insurance covers design, inventions, unique literature, music and art, symbols and images, names, solutions and concoctions. Essentially any intangible creation of the mind can be considered Intellectual Property, so if you or your business has something unique that none of your competitors nor anyone else in the world has, IPR insurance is an absolute must.

IPR Insurance legally gives entitlement of the rights and profitability of the Intellectual Property to the original creative mind, yet Intellectual Property Rights are not always respected. Competitors may take an idea from someone else, manipulate it slightly and sell it for possibly billions of dollars, leaving the original creator profit-less and without credit.

You see it in the movies all the time. Take the Social Network blockbuster about Facebook as an example. Mark Zuckerburg was accused of stealing the idea of Facebook from the Winklevoss twins and they were able to win a lawsuit settlement of $65 million because of Intellectual Property Rights. In another lawsuit, the toy company Mattel was able to sue MGA Entertainment because they believed that when their employee left Mattel for MGA, he took with him the design of the new dolls called Bratz, which may have been modeled after Mattel’s copyrighted Barbie doll.

The Potential Benefits of IPR Insurance

Just by registering your Intellectual Property does not mean that it is safe from others copying it, but it will help you in your lawsuit. IPR insurance could protect you from the tremendous legal expenses that go along with enforcing or defending your rights on copyright, trademark or patent infringement claims. The average litigation costs 35 million dollars, and that’s not including most lawyer expenses and fees.

IPR Insurance does not only work to protect your intellectual property rights, it could also help to attract investments and funding from others because they know that what they are investing in is unique and protected.

You never know when a friend will turn foe or an employee will quit, taking with him or her your valuable ideas and information. It is best to avoid the frustration of having your Intellectual Property Rights exploited. Be proactive in protect whatever future profits are rightfully yours with IPR Insurance. Contact Insuring Tech and speak with a representative so you can decide what is right for you and your business.

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