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Business Cover

Intellectual Property Rights Insurance

What is Intellectual Property Rights insurance?

Intellectual Property Rights insurance (IPR) cover, protects companies for copyright, trademark or patent infringement claims arising from company operations.

All businesses have intellectual property and it may even be your most valuable asset. Like physical business assets you should also take out insurance to cover risks associated with your business’s intellectual property.

What does Intellectual Property Rights insurance cover?

You should consider IPR insurance if there is a threat you could be sued by a competitor for infringing on an idea or intellectual property belonging to someone else. Your cover will include:

  • Legal expenses to defend and/or enforce your rights and/or agreements
  • Damages awarded if your defence is unsuccessful

This sort of action by a competitor can have a major impact on your company, if you do not have the funds to hire a solicitor and pay the cost of all the legal fees associated with defending your right to a patent or trademark. An IPR policy will pay the costs to defend you if someone tries to claim the rights to the same business model, process, or application.

We can bring you through the specific details of the policy and whether it is the right cover for your business.