Date: April 2011
At last SMEs have the capability to fight for their Intellectual Property in court.
Patenting your ideas is important – but it’s crucial to protect them with proper insurance too. La Playa’s Matthew Clark celebrates the arrival of a new Intellectual Property insurance product that’s made for SMEs.
Intellectual Property is arguably your most important asset – but could you actually afford to defend a patent? An average patent law suit in the United Kingdom can easily exceed £250,000 (per side).
Much has been written about the importance of patents to support the growth of the knowledge economy. Yet patent owners receive no government or patent office help when faced with having to enforce their patent rights if they are infringed or if their validity or ownership is challenged. Who would you turn to for help in defending your rights? This is particularly an issue for SMEs, many of whom would be forced to “roll over” rather than pay the legal costs to defend their intellectual property.
You wouldn't hesitate to insure office contents and other assets - so why leave your patents unprotected? Without insurance, the financial burden of a patent infringement case can be tremendous -crippling for start-ups and smaller businesses. But with the right Intellectual Property insurance policy in place, you have the financial muscle to defend yourself – and merely having the insurance is itself a powerful deterrent to any potential infringer.
Intellectual Property insurance has long been available to large companies – but at a price; smaller firms have struggled to find affordable cover. Cambridge and London based insurance specialist La Playa has teamed up with leading global IP insurer SAMIAN Underwriting Agency, to provide PatentEnforcerTM- a cost effective insurance solution to protect the fruits of your invention with the financial means to enforce your patent rights. Patent Enforcer is specifically designed for the SME market, with sensible levels of protection at reasonable prices and the cover allows you to pursue infringers of your intellectual property.
More information and online quotations are available here.