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Do I need to buy intellectual property insurance?

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Before most people even perfect their own personal piece of intellectual property, they begin to worry about who might profit from their creation without the proper permission. As technology advances, new and improved methods for copying and distributing stolen intellectual property become more affordable and therefore within the grasp of nefarious people the world over. While the technology to combat this theft is still being perfected, there is one positive step you can take to help protect yourself right now and that is owning intellectual property insurance. Just like car insurance or life insurance, it helps to protect individuals or corporations from having their intellectual property rights stolen. It provides comprehensive coverage for what can be lengthy and horribly expensive court cases both nationally and internationally. Let’s take a closer look at how this vitally important tool can be used to help give intellectual property owners some much needed piece of mind.

There are various companies in the United States and abroad that offer intellectual property insurance, and each one offers a slightly different policy with different guiding rules and regulations, so make sure you and your intellectual property lawyer sit down and read the entire contract that is offered to you. For instance, if you are planning on primarily distributing your intellectual property over the Internet, it might be a good idea to buy a policy that affords extra protection for digital media distribution. Generally, intellectual property insurance helps to protect companies, and sometimes individuals, from the costs of defending their intellectual property rights in court. Domestic intellectual property right cases can be quite lengthy, but when you involve places and law systems where intellectual property right enforcement is lax or even non-existent, cases can be drawn out for years. It is this fear that makes intellectual property right insurance so popular.

If you have recently patented your own personal piece of intellectual property, it is a good idea to buy intellectual property insurance if you feel that there is a chance that you may be sued by another individual or company for violating their intellectual property. Just as the old saying in Hollywood goes that only a handful of original movies have ever been made and everything else is just a retelling of that same old story, intellectual property is always building upward and onward; using previous generations of intellectual property as a foundation. Almost everyone uses inspiration or ideas garnered from other copyrighted material for their own piece of intellectual property so the possibility of being sued by other people is always present. Intellectual property insurance can help you protect yourself in these cases as long as you have legally established that the copyright you have on your piece of intellectual property is authentic and verified.

For years, the looming cost of protecting one’s intellectual property rights have discouraged people from inventing or creating ideas or products that might have genuinely helped the world be a better place. Thanks to intellectual property insurance, people everywhere can rest assured that they are protected no matter what.

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