Intellectual property insurance helps defend or protect against copyright, trademark, trade secrets or patent infringements. Of the two types of intellectual property coverage, the most popular form is defense coverage, which helps with defense costs and resulting settlements or judgments in the event of an infringement suit. The second type of intellectual property coverage is sometimes called enforcement or pursuit coverage which assists with the costs associated in the pursuit of infringement suits against businesses or individuals infringing upon your copyrights, trademarks or patents. An expert from Eichberg Associates, Inc. can help you tailor coverage to your specific needs.
What damages does the policy protect me from?
- Court and judgment costs
- Attorney fees and other defense expenses
- Final settlements
Who needs Intellectual Property Insurance?
You need Intellectual Property Insurance in the event you are sued by a competitor for infringement upon their intellectual property rights, and if your company holds any intellectual property such as patents, copyrights, or trademarks. Some of the businesses that could benefit from this type of insurance are:
- E-Commerce / Internet Business
- Information Technology
- ASP (Application Service Provider)
- Computer Consulting
- Data Processing Services/Programming
- Hardware OEM Manufacturer
- Information Services
- Software Developers/ Publishers
- Systems Maintenance/ Installation