Patent Insurance
What Does Patent Insurance Mean?
Patent insurance is a type of coverage designed to protect against losses related to the infringement of intellectual property rights.
It can cover both actual losses and attorney’s fees incurred when filing a lawsuit against a party that has violated the intellectual property protection granted by a patent from the United States Patent and Trademark Office.
Insuranceopedia Explains Patent Insurance
Intellectual property infringement can lead to significant financial losses for a business, including lost revenue, attorney’s fees, and other related costs. For instance, if a company holds a patent for an invention, but another company produces a cheaper knockoff and sells it, the patent holder may experience a substantial loss in sales. Additionally, suing the company that made the knockoff can be costly. Patent insurance helps businesses recover these financial losses and cover legal expenses.
