Consider this: Without Intellectual Property Rights the human race could come to a standstill in innovation. Without being able to copy brilliant ideas of others, more people are encouraged to join the race and create better inventions and think brighter thoughts.
Plant Science products. Lifesaving Drugs, Kidney Dialysis machines. These and many other innovations, which help to improve the lives of human beings, are all copyrightable and patentable. Similarly, copyright covers arts, including literature, music, television and film works, which entertain billions of people.
Whole industries exist on the back of these artistic inventions, which in turn generates the need for a copyright and IPR insurance. For instance, special effects equipment for cinema industry now exists to provide computer animation – and it’s all covered with many patents.
What are IPR or Intellectual Property Rights? Why should we prevent others from using our great ideas?
Any of the “intellectual properties” listed above are patentable for a copyright, which legally prevents others from stealing it, and calls for legal action to be taken if it is. While it’s true that innovations drive business, if innovations can be copied without any form of protection there is little incentive to introduce a new and better creation. Hence, it becomes necessary to protect intellectual properties from copying, and to get compensated for any illegal infringement of copyright.
Finance is the driving force for innovation and creation, so inventions and technologies that have benefited from inventors may have never existed without a framework of patents. Because of this, IPR offers incentives to innovators, but also to investors by helping to ensure that the intellectual property remains original.
Harnessing IPR offers a decent amount of money to inventors or creators for a long period of time. However, innovation is looked upon as riskier business investment. Hence, regular public markets are less interested in IPR investments. This is where IPR insurance comes in to play.
With Your Patent You Also Need IPR insurance
Protecting your rights require litigation. The rights to your intellectual property may legally be yours, but you need to defend your rights and prove them in the court of law. This can be a costly affair and require sufficient finance to dispute your case. Therefore, it becomes essential to have IPR insurance to make arrangements for financial assistance during legal proceedings, for covered claims.
IPR insurance could provide adequate coverage for legal costs (up to your predetermined and/or the underwritten Limit of Indemnity) of your selected specialist IP lawyers to act for you through litigation, mediation or negotiation in order to ascertain that your Intellectual Property Rights have legal protection.
Even if you can afford litigation costs to defend or pursue a claim, the insurance cover from a legal expense insurance policy could save you from paying most, if not all of the costs of your solicitor within chosen Limit of Indemnity without your solicitors losing any of their earning capacity.
All these things highlight the need and importance of IPR insurance. The policy is an absolute necessity. Moreover, it is an affordable substitute to self-funding.
IPR insurance is essential for companies and artists that have innovative and unique assets. The best thing about IPR insurance is you get sufficient legal protection for your intellectual property rights without spending much. So, shop wisely; choose the best IPR policy and get legal protection for intellectual property.