There is a big difference between purchasing Intellectual Property Insurance and any other type of insurance. The reason why is that this situation is quite different than any other and requires a more in depth look. There are so many aspects of insuring an Intellectual Property that being able to get a quote becomes very difficult. The good news is that IP insurance can act like a form of liability insurance and it is possible to add it to your current commercial insurance policy. The costs associated with this vary a great deal. They can range from 500K to 5 Million depending on your needs.
Be sure to do the right amount of research before you buy. There aren’t many carriers of this type of insurance and it’s especially difficult if you are entangled in a lawsuit. If you are being sued then you will definitely be ineligible for coverage. Generally speaking it’s bigger companies that would need this type of insurance, much like in the case of someone who has reputation insurance, only those big enough will be most likely to pursue a large policy to protect their IP. Keeping this in mind, you need to be realistic when purchasing. If you don’t need a million dollar policy because you are just a small fish, then don’t get it. This doesn’t mean you should neglect purchasing a policy entirely. Just make an appropriate decision.
All organizations need to have a risk management policy. A traditional policy will cover a business up to a certain point but when the development of ideas and products is what your company does at large then you can’t just get a typical policy and expect it to cover you in all situations. In short, having a patent or copyright isn’t enough to protect your ideas anymore but having Intellectual Property insurance will help you fight against anyone who tries to steal your idea. You can then bring them to court, and win. A good idea is hard to come by, so make sure that when you do figure something out, you do your best to protect it.