Who in Massachusetts Needs a Patent Policy?
Many Massachusetts businesses can benefit from the protections that a patent policy offers, including both those of a patent litigation insurance policy and a patent infringement insurance policy.
Any individual or business that holds a patent may want to purchase patent infringement insurance for their invention. Knockoffs and derivative works are increasingly common, and this insurance might help protect against these risks.
Any business that creates or makes products may be interested in patent litigation insurance. Patent infringement claims are also becoming more and more common, and having insurance can be an effective way to shield a business against many covered potential claims.
Does Commercial Property Insurance Cover Patents?
Commercial property insurance generally provides a host of protections for assets that a business owns, but most commercial property policies are focused on tangible assets. These policies typically don’t extend coverage to intangible intellectual property, such as patents.
Therefore, purchasing a patent policy is often important even if a business has commercial property coverage.
How Much Do Patent Lawsuits Cost?
Although patents themselves provide inventors with specific protections, these protections sometimes aren’t enough for small and medium businesses to defend their patents. Patent infringement lawsuits can cost millions of dollars, and businesses that can’t afford those costs may have difficulty defending their intellectual property.
Patent policies might help businesses pay legal costs associated with covered infringement lawsuits. Because these suits can be so expensive, it’s often important to purchase a policy with substantial limits. An insurance agent who specializes in this type of coverage can help patent holders decide exactly how high their limit should be.
How Much Are Premiums for Patent Policies?
Premiums for patent policies are based on a variety of factors, such as a business’ industry, number of patents and coverage limits. Even with variance in policy premiums, this type of insurance tends to be affordable for businesses that hold patents. It’s almost certainly more affordable than what a length patent infringement lawsuit could cost.
How Can Businesses in Massachusetts Get Patent Insurance?
For help finding patent insurance in Massachusetts, contact the independent insurance agents at The Feingold Companies. Our insurance agents can help assess your business’ need for both patent litigation insurance and patent infringement insurance, and we can assist with finding either or both types of policies.