In business your "Great Idea" is a valuable asset and as an asset it is vulnerable to be taken or used/exploited by others.

 

Intellectual property is described in the Convention establishing the World Intellectual Property Organisation as rights to copyright, patents, trademarks, commercial names, passing-off and licence protection.

 

Anything to do with intellectual property is expensive to defend and this can be used by a competitor to financially wreck your company, take away market share or damage your reputation.

 

An Intellectual Property Insurance will provide you with the cost of defence in the event that someone tries to claim the rights to the same business model, process or application.

 

With an increase in litigation in this area it is essential that correct insurance protection be obtained as many of the standard insurance policies will not extend to include protection.