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Innovation is such a valuable asset to a business.  Whether you've developed a new product, process, design or piece of technology, protecting your intellectual property (IP) is essential. However, even with patents and trademarks in place, disputes can arise, and can unfortunately be expensive to resolve.

Patent Infringement Insurance, sometimes referred to as Intellectual Property Insurance is designed to help businesses manage the financial risks associated with IP disputes.

There are generally two types of cover available – depending on whether it’s your intellectual property or someone else’s that is being discussed. 

The first type of IP Insurance covers legal costs if another company copies or infringes your patented product, design, trademark or other protected intellectual property and you need to take legal action to defend your rights.

The second type of IP cover can provide protection if someone accuses your business of infringing their intellectual property, meaning that you need to defend yourself against the claim.

For many businesses, the biggest challenge isn't proving they are right – it's finding the funds to pursue or defend a legal case. Intellectual property disputes can quickly run into tens or even hundreds of thousands of pounds in legal fees, expert witness costs and court expenses.

Patent Infringement Insurance can be particularly valuable for businesses operating in sectors such as technology, manufacturing, life sciences, engineering, product design and research and development, where innovation plays a key role in commercial success.

As your business grows and your intellectual property becomes more valuable, it's worth considering whether your current insurance arrangements adequately protect these assets. 

A specialist insurance broker like Prizm Solutions can help assess your exposure, explain the cover available and identify a solution tailored to your business. After all, you've invested significant time, effort and money into developing your ideas – so protecting them could prove just as important as creating them in the first place.

As well as IP cover, Prizm Solutions offer many other personal and business insurances.  From credit insurance to fidelity insurance, cyber insurance to legal expenses insurance and personal accident insurance to annual travel insurance, make Prizm your first port of call for all your insurance needs. Just give us a call and speak to one of our friendly team – or if you’re local to Tamworth, feel free to pop into our offices during working hours.