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Why do you need IP insurance
If a competitor is infringing your IP rights through publication, process or product, you can either do nothing, attempt to resolve the issue with the offending party or enforce your legal rights through the courts.
Those that infringe another’s legal rights are aware that many companies and virtually every private inventor cannot afford to enforce their legal rights due to the high litigation costs of such actions.
Whilst there are caps on costs and damages in the Patents County Court, most actions are heard in the High Court, which generally cost in excess of £350,000. The cost of defending your legal rights through the courts is therefore prohibitive, as very few have the available cash-flow to bring a High Court action, or to sue overseas.
This is where IP insurance comes in.
IP insurance is a form of legal expenses cover that can be purchased for both pursuit and defence costs. This means that should somebody infringe your IP you have resources to pursue a claim against that party. Likewise, should somebody claim you are infringing their IP rights you have the resources to defend your position.
IP insurance gives you power to maintain and pursue your legal rights without the worry of those with deep pockets simply doing what they like.