Frequently Asked Questions
How can Intellectual Property Insurance Coverage protect a company from financial threats?
Intellectual Property (IP) Insurance Coverage plays a crucial role in protecting a company from potential financial threats. In the current business landscape, the risk of IP litigation is high, and the costs associated with such legal battles can be crippling, especially for smaller companies. Without IP insurance coverage, a company could face dissolution due to the exorbitant expenses of an IP case. Commercial General Liability (CGL) insurance, while covering major issues like personal injury and property damage, does not extend to lawsuits regarding intellectual property. Therefore, many companies opt for specific IP insurance coverage. This coverage comes in two forms: Defense and Enforcement or Pursuit. Defense coverage supports a company if they are sued for IP rights infringement, while Enforcement or Pursuit coverage assists companies that wish to sue competitors for IP theft. These insurance policies can help businesses afford the costs of settlements or fines that often result from such cases.
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