The Energy Industry continuously develops new procedures and products. The upsurge in computer software technology developed specifically for energy related tasks, leaves the developers open for an intellectual property suit. How can this happen? Say your company has developed this new type of software or product that will aid the fracking industry. You file for a patent and it appears everything is fine. Then a competitor files a suit accusing you of using his idea. Will your company have the ability to write a check for over $500,000. to pay to defend the suit? Right now would be a good time to have the proper insurance coverage.
Intellectual Property is your company’s trademark, copyright or patent. Together with communications strategy, it gives your company its identity and image. In many cases it is the basis for your business, in particular in the development of software. Intellectual property law provides copyright protections for original works of authorship and expression such as architecture, computer software, literature and music.
A company’s innovation to create products is the key to success. To protect products, patents can be issued by the US Patent and Trademark Office. A patent gives the inventors the grant of property which provides “the right to exclude others from making, using, offering for sale, or selling” the invention.
A trademark is any symbol, name, word, sound or color that distinguishes your goods or services sold. This is also considered intellectual property.
Because all of these developments are company assets, Intellectual property suits can impact the bottom line. They can affect management structure and employees.
Intellectual property claims generally take a very long time to settle and the costs to defend them can be extremely expensive.
A competitor can ruin your company by filing an intellectual property suit against you. Even if the allegations prove to be false, the cost to defend must still be paid. A way to protect you against the costs of such a suit is Intellectual Property Insurance.
Intellectual Property Insurance will protect your company against claims arising from copyright, trademark or patent infringement. The policy traditionally covers defense costs as well as judgments up to the policy limits. Premiums vary according to the size and exposure of your company.
Applications for this type of insurance can sometimes seem daunting however Insurance Brokers with this expertise can guide you through it. As with any other insurance, the goal of an Intellectual Property policy is to keep your company whole after a loss.