Providing holistic protection for intellectual property (IP) insurance.
Why get IP insurance and what is it?
Intellectual property (IP) insurance provides protection to individuals, small businesses, and large corporations. This form of insurance may cover your legal fees if you get accused of copyright infringement or if you feel someone infringed upon your property.
You can also count on intellectual property insurance to provide enforcement coverage. The IP coverage offers protection in a world increasingly full of uncertainty.
We make intellectual property insurance a breeze.
Here at JGS Insurance, we pride ourselves on staying available to our clients whenever a problem arises. In addition, we’ll provide you with detailed information about IP insurance to help you decide upon the level of coverage you want.
We act as more than an insurance vendor for businesses and individuals who want to protect their intellectual property. As your ally, we strive to keep you covered and help you find the policy that will work best to address your needs.
Our advisors are your advocates in the insurance marketplace. We provide our intellectual property clients with the insights, guidance, and coverage they need to ensure a solid foundation of protection.
Enter JGS: A broker that can customize the perfect policy for all your IP insurance needs.
JGS is in a perfect position to provide you with the best intellectual property insurance coverage for your needs. Our partners-first, providers-second approach to insurance means that we work with your company on a regular basis, and to fully understand the ins and outs of your business. We also work with many of the top cyber insurance carriers, so we can both customize the perfect coverage solution for your company without breaking the bank.
WHAT DOES IP INSURANCE PROTECT?
Defense Coverage
You or your company may face accusations of copyright infringement at any point. A defense coverage policy ensures that you have the funds to cover settlements, judgments, and defense costs associated with these accusations. These policies will apply if a court finds you liable for infringement on copyrights, trademarks, and patents.
Enforcement Coverage
At JGS Insurance, we recommend enforcement coverage for any person or company holding trademarks, patents, or copyrights. These insurance policies provide funding if someone infringes upon any of your intellectual property, helping you recover lost income.
Patent Insurance
You may also purchase patent insurance. Patent insurance covers patents that some IP insurance policies do not otherwise cover. Protect your trade secrets and more with IP insurance.
Overall Risk Review
Our specialists will take a deep dive and provide a full analysis of risk and liability for you and your organization. Learn more about approach to Intellectual Property insurance.
Additional Enhancements & Offerings
Frequently Asked Questions About Intellectual Property Insurance
Intellectual property insurance may help anyone owning intellectual property, including a trade secret, patent, copyright, trademark, and more. Images associated with a brand may even represent intellectual property.
Anyone who holds a patent may benefit from IP insurance. Patent litigation often becomes very expensive. Having the funds from an insurance policy to handle the claim is very important for many companies.
Your policy provides you with protection from both intentional and accidental infringement. You may also have a policy that protects you if you accidentally infringe upon someone else’s intellectual property. Reach out to us today to discuss all your options.
According to industry experts, patent lawsuits may cost over three million dollars, with the final expenses often depending on how long you spent in court and the revenue involved in the case.
Around 5,000 people file copyright cases each year, with another 6,000 people filing patent lawsuits yearly. These lawsuits cover a large percentage of the property insurance claims that go to court, but not all of them.
An IP insurance policy, therefore, represents an essential part of any risk management plan. This form of insurance helps you cover legal fees and offers you protection against intellectual property infringement. Many companies find IP insurance more than worth it for these reasons.
IP insurance frequently provides you with enforcement coverage. This form of coverage helps protect you from intellectual property infringement, kicking in if you believe that someone else is misusing your intellectual property. Examples of IP misuse may include other companies:
- Using your software without permission
- Using graphics or icons from your company
- Infringing on a trademarked product name
- Utilizing your licensed photos
- Taking a patented product design for their own
Your IP insurance protects these assets. If you have defense coverage, the insurance also protects you from judgments against your company. We can review all the benefits of intellectual property insurance with you in greater detail when you contact our team.
Third-party infringement on your intellectual property remains a significant concern around the country. However, you may also face other risks that an IP insurance policy covers. For example, your insurance policy may assist if you have concerns about:
- IP threats and open-source software
- Subcontractors or licensing agreements with third parties
- Your business’s publishing activities
- Standardization activities for inter-operability
- Open innovation initiatives and IP rulings
Assessing these concerns before they become a problem allows you to manage the risks faced by your company. In addition, your insurance policy allows you to set forth clear guidance about how you want your company to navigate these – and other – IP risks.
Setting up an IP insurance policy provides your company with a layer of protection. However, you should also make sure you claim proper ownership of any IP associated with your business. Register your IP by getting a trademark, copyright, or patent if appropriate.
Generally, businesses have an easier time protecting properly registered pieces of IP. Your insurance may have more difficulty addressing concerns if you did not complete formal registration for a piece of intellectual property.
In addition to registering the IP, you may want to use written agreements like contracts and licensing agreements carefully. These pieces of documentation create more proof regarding the ownership of your intellectual property, making it easier for your insurance policy to provide you with complete protection.
