If you own a business that possesses many pieces of intellectual property, you must buy into the right insurance plan. Namely, you must opt for commercial general liability insurance coverage. This is because, for one, you never know when you may be faced with intellectual property litigation (i.e., unfair competition, copyright infringement, trademark violation, etc.), whether you must initiate it or are served with it. Continue reading to learn what you can expect your commercial general liability insurance to cover and how an experienced New Jersey intellectual property insurance coverage lawyer at The Ingber Law Firm can ensure you are treated fairly by your provider.
What is commercial general liability insurance coverage?
First things first, commercial general liability insurance is a type of policy that may offer coverage for any bodily injuries, personal injuries, and property damages that your business’s operations or products, or generally anything within your business’s premises, may cause.
Most notably, if your business owns intellectual property, it may also offer coverage for advertising injury. Though this may come with exclusions, especially if your business is specifically a publishing house, advertising agency, or online publication. This is because advertising injury may be common in your typical operations, so you may have to additionally opt for a special type of professional liability insurance coverage.
Overall, this coverage may serve as a great stepping stone in helping you pay for attorney’s fees, settlement costs, and any other associated expenses in the event your business enters a lawsuit. The average cost for this policy type in the state of New Jersey is typically $42 per month. Evidently, this may be a small price to pay for the potential it may save you in the future.
What can I expect my commercial general liability insurance to cover?
You must understand that while commercial general liability insurance is considered to be a comprehensive business insurance type, it may not cover all the potential damages that you may face. Rest assured, you may still expect this insurance policy to cover the following:
- When you wish to reap the benefits of insurance protection:
- You are planning to apply for intellectual property rights.
- You are anticipating to receive intellectual property rights.
- You are preparing to license your intellectual property rights.
- When you require reimbursement of defense fees:
- You are responding to a receipt of demand to cease and desist from infringement or to license under asserted intellectual property rights.
- You are responding to a receipt of a complaint.
- You are responding to a receipt of a counter-claim or third-party claim.
- You are responding to an entry of judgment.
- You are responding to a notice of appeal.
To receive fair coverage, you must turn to a skilled Essex County, New Jersey intellectual property lawyer. So please get in touch with us at The Ingber Law Firm as soon as you get a free chance.