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For many UK businesses, their most valuable asset isn’t physical, it’s actually intellectual. 

Whether it’s a patented product, a proprietary process or a unique piece of technology, innovation is often what sets a business apart from its competitors. Which is why it’s SO important to protect that unique selling point.

But protecting it isn’t always that straightforward…

Securing a patent is one thing, but enforcing it is another. If another company infringes on your intellectual property, taking legal action can be expensive, time-consuming and with no guaranteed positive outcome. 

For many businesses, especially SMEs and startups, the cost alone can be enough to deter them from pursuing a claim, even when they’re in the right.

That’s where Patent (Intellectual Property) Insurance comes in.

This specialist form of cover is designed to help businesses defend and enforce their IP rights. It can cover legal costs associated with pursuing an infringement claim against a third party, but also covers the opposite scenario, if you end up defending allegations that you may have accidentally infringed someone else’s intellectual property.

In a competitive and innovation-driven market, these risks are more common than many businesses realise. Disputes can arise unexpectedly. Without the right protection in place, the financial impact can be significant - not just in terms of legal fees, but also lost revenue, reputational damage and disruption to operations.

It’s not always about defence though. For growing businesses there can be a  strategic benefit to having Intellectual Property Insurance. Having IP Insurance in place can help strengthen your position with investors, partners and lenders by demonstrating that your key assets are properly protected.

A specialist UK insurance broker, like Prizm Solutions, can help you navigate this complex area. From assessing your exposure to recommending the right level of cover, one of the friendly brokers at Prizm Solutions can ensure your policy adequately reflects the value of your intellectual property and the risks you face.

If your business has a competitive edge that is built on innovation, IP insurance isn’t something you should be considering, it’s an essential tool in your business arsenal - so give Prizm Solutions a call today. 

As well as helping with Intellectual Property (Patent) Insurance, Prizm Solutions can also help with a range of other business and personal insurances to help keep you protected, such as Employers Liability Insurance, Cyber Insurance, Office Contents Insurance and Professional Indemnity Insurance. Just get in touch for a no-obligation quote, or just to chat through the cover on any of your current policies to make sure you’re fully protected from the unexpected.