Insurance for Design Patents vs Utility Patents
Design patents have several unique advantages over utility patents. First, they are much less costly to obtain – and they are easier to enforce. Design patents cover the shape of an object, not its function. To infringe a design patent, an infringer makes, uses, or sells an object having the same shape. Patent enforcement insurance…Read More
What does Trademark Enforcement coverage get me?
Trademark enforcement as part of your IP.Insure intellectual property insurance policy gets you the ability to go after people who ride on your branding coattails. This includes sending letters to infringers, Amazon/eBay/Etsy take down actions, DMCA take down notices, and appropriate lawsuits in state and/or federal court. Many times, small companies have a trademark on…Read More
Do I need a registered trademark for IP insurance?
Registered trademarks are far more powerful to enforce than unregistered trademarks, and we encourage you to register your trademarks whenever possible. The registration process guarantees that you have the full rights to your branding. In addition, the laws are very powerful for owners of registered trademarks to enforce their rights. Trademarks represent your investment in…Read More
How would I know if I infringe someone else’s patent?
One way to know if you might infringe someone else’s patent is through a “Freedom to Operate” search, which is sometimes called a “clearance search” or “right to use search.” An FTO search is performed for each of your *products* (not your patents) and searches for existing patents that might be used to sue you.…Read More
Does my General Liability Insurance cover intellectual property?
No. The standard forms for General Business Liability were changed in the late 1990’s to *remove* any coverage for intellectual property damages. This means that trademark infringement (where another company starts using your brand’s likeness) is not covered. This means that patent infringement (where another company copies your patented product) is not covered. This means…Read More
Will the insurance company enforce my patents?
Enforcing your patents is under your control, but the insurance company will help you in every way they can. One feature of our Inventor Insurance policy is that the insurance company will send a letter to the infringer on your behalf. This service is free, and 85% of the time, it results in a settlement…Read More
What does a $1M Inventor’s Insurance policy get me?
A $1,000,000 Inventor’s Insurance policy is designed to go up against larger corporations that might infringe your idea, as opposed to smaller companies. A $1,000,000 policy is enough to enforce your patent against a large company and survive them trying to invalidate your patent. The typical patent lawsuit begins with a complaint that you make…Read More
How far does a $250K inventor’s insurance policy get you during enforcement?
Patent enforcement lawsuits can be very, very expensive. However, you do not need lots of insurance coverage in many situations, especially for early stage inventors. A $250,000 policy is designed to give you enough horsepower to start an enforcement lawsuit, go through the first couple rounds of back-and-forth with the infringer, and negotiate a settlement.…Read More
Do I need to be incorporated to get inventor’s insurance?
No. You can get inventor’s insurance as an individual or as a corporation. Either is fine. However, we do recommend that you consider incorporating at some point. If you do decide to incorporate, the inventor’s insurance can be transferred to your new corporation.Read More
In the same way you cannot buy fire insurance while your house is burning, most insurers will not cover you for IP infringement that you know about – or should have known about. Underwriters will often do patent searches, litigation searches, and competitive analysis to uncover the risks of your IP – either the risk…Read More