What Does Patent Insurance Mean?
Patent insurance is a type of insurance that provides coverage for losses related to the infringement of intellectual property rights.
Patent insurance can cover actual losses as well as the attorney’s fees associated with filing a lawsuit against a party who has infringed upon the intellectual property protection provided by a patent from the United States Patent Office.
Insuranceopedia Explains Patent Insurance
Intellectual property infringement can cost a business large sums of money in lost revenue, attorney’s fees, or other means. For example, if a company has patented their invention, but another company makes a knockoff version and sells it for a cheaper price, the company with the patent could lose a lot of sales. Suing the company that produced the knockoff product can also be very expensive. Patent insurance helps companies get reimbursement for these losses and expenses.