CFC Underwriting: IP insurance guide
15/03/2019 07:06
As technology has revolutionized nearly every industry, and consumers are presented with more choice than ever before, IP has become one of the most critical assets for today’s modern businesses.
The benefit of intellectual property rights enable a company to invest in and reap the benefits of their creativity, innovation and branding, and prevent others from copying what they have developed.
However some brokers can find IP insurance complex and confusing. In this simple and easy-to-follow guide we explain the key areas of IP insurance and breakdown intellectual property into bite-size chunks.
In the guide, you'll learn:
- What is intellectual property? IP is a broad term used to describe the legal rights arising out of intangible creations and assets, like a product or process, a piece of software, a brand or even a customer database.
- The value of IP: Whether software or song lyrics, intellectual property offers all sizes of businesses a competitive advantage and is often what sets them apart.
- Understanding IP risk: The biggest IP exposure an SME will often face is a claim of infringement by another company, rather than a direct threat to their own IP.
- How does a policy work? IP insurance provides cover for claims alleging infringement of IP rights, including patents, trademarks, copyright and trade secrets.
- Policies in action: Claims examplesA few claims examples involving a patent troll, contacts and supply chains and infringement.
- Selling IP insurance: Simply bringing up the topic of IP insurance can set a broker apart. Rather than wait for a client to request IP insurance, here are a few questions you can ask to start the conversation.
- Common misconceptions: IP insurance can appear more complicated than it really is, check out these top four common misconceptions.