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If you’ve created an exciting new product, you’ll no doubt obtain a patent to protect the idea.
Many companies believe that a patent is all the protection they need - but the truth is that the patent office won’t enforce your rights for you. If someone infringes your patent, you must take legal action - and patent litigation is notoriously expensive.
Whilst a patent gives you ownership of the idea, it unfortunately doesn’t fund the fight to protect it. Which is where patent insurance comes in.
Patent insurance is like a silent bodyguard standing behind your invention, ready to defend it when someone tries to copy, claim or challenge your IP around it.
Why Patent Insurance Matters More Than Most Businesses Realise
Without specialist patent insurance, even strong cases can become financially impossible to pursue. That means your breathrough idea could be overshadowed, simply because enforcing your rights costs more than your business can afford.
Patent insurance provides the legal and financial firepower to protect what’s yours, to help you keep what you’ve worked so hard for.
Who Needs Patent Insurance?
• Tech companies with unique systems, software or hardware
• Manufacturers with patented designs or production processes
• Start-ups protecting new-to-market ideas
• R&D-led companies creating novel solutions
• Independent inventors and SMEs vulnerable to larger competitors
If your business relies on an idea that nobody else has had yet, then patent insurance is essential for safeguarding your position in the market.
What Patent Insurance Typically Covers
Most patent insurance policies include:
• Enforcement cover - legal costs to pursue infringers
• Defence cover - protection if you’re accused of patent infringement
• Damages and settlements
• Expert and investigation costs
• Loss of revenue associated with patent disputes
Patent Insurance gives businesses the confidence to innovate boldly, launch products securely and defend intellectual property rights without fear of being outspent in court. It ensures your ideas have the protection they deserve, and Prizm Solutions has helped many companies with Patent Insurance, to protect their valuable intellectual property.
If you’d like to talk about Patent Insurance, or any other business insurance query, please get in touch. One of our knowledgeable brokers can best advise based on your unique business circumstances.
As well as Patent Insurance and Intellectual Property Insurance, we can help with a whole range of other insurance solutions including Legal Expenses Insurance, International Business Insurance, Product Recall Insurance and Credit Insurance.
Just contact us today, we’re always happy to help.
