You may get all your tangible business assets that you care about and that are vital to your operations and overall success insured (i.e., real estate building, specialized equipment, company vehicles, company electronics, sales inventory, etc). So, this should be no different than your important intangible business assets, namely your intellectual property (IP) (i.e., trademarks, copyrights, etc). Without need for further introduction, please read on to discover some reasons why you should get intellectual property insurance and how a seasoned New Jersey intellectual property insurance coverage lawyer at The Ingber Law Firm can help you obtain it.
What are some reasons I should get intellectual property insurance?
The general purpose of purchasing insurance is to financially protect yourself against potential losses or unforeseen events that may come with a given property. For the sake of your business’s intellectual property, you should acquire insurance coverage for any one or all of the following reasons:
- You may cover the costs associated with defending yourself in an IP infringement claim made against you or entering a settlement agreement.
- You may cover the costs of an injunction against your business and subsequent loss of revenue after an IP infringement claim is made against you.
- You may cover the costs associated with enforcing your intellectual property rights and pursuing legal action against a third-party infringer.
- You may entice potential investors and lenders by demonstrating that you have an impressive risk management plan in place to protect your IP.
- You may have peace of mind knowing you can grow your business without devastating IP disputes jeopardizing your financial standing.
What happens if I’m ultimately not covered by my intellectual property insurance?
Even though you have bought into intellectual property insurance, your provider may claim that your specific policy does not cover your current legal dispute. Just like any other insurance type, your IP insurance policy may be written in very vague and broad language that allows them to make this argument. You should not give up at this initial rejection by your insurance provider. Rather, you should take your insurance claim and IP infringement claim to a seasoned intellectual property insurance coverage lawyer.
Of note, The Ingber Law Firm has historically been successful in representing small and mid-sized businesses with IP insurance litigation, much like your own. We will conduct a preliminary analysis of your insurance policy (i.e., amendments, declarations, endorsements, etc). and any served documents in your IP infringement case thus far (i.e., cease and desist letters, legal complaints, etc). From here, we will give you an honest answer on how successful you may be in fighting for insurance coverage, and even with winning your legal dispute.
If you find yourself in need of legal aid, look no further than a competent Essex County, New Jersey intellectual property lawyer. Whether you simply have a legal question or require legal representation in an upcoming court case, our team at The Ingber Law Firm is willing to help out. Please pick up the phone and call us today.