Thank you to those who attended our webinar ‘Understand Intellectual Property and how to protect your business in a litigious landscape’.
We were thrilled to welcome Maddi Brown from CFC and Philippa Roberts of Withers & Rogers as our guest speakers.
Our four main takeaways from this session were:
- The potential costs to defend an infringement of another’s intellectual property could be an average of £50,000, the minimum being circa. £10,000!
- When a business arranges legal counsel and IP insurance, their business could be more investment ready/desirable to investment.
- It is never too early to consider IP insurance, but it can be too late. A business with a product or formulation at an early stage can consider IP insurance. It is important to note that a business can even arrange for certain IP legal counsel costs (Freedom to Operate audits etc.) to be met within certain grant applications. All Med Pro can assist in making introductions to grant writing consultancies.
- A common misconception we hear is when a business believes they hold comprehensive IP insurance within another policy, such as their Professional Indemnity or Management Liability. While they might have some protection, it is often limited to minimum limits of indemnity, and it might only respond in very certain circumstances (policy triggers). Our advice would be that commercial clients should at least consider discussing and arranging a specific Intellectual Property insurance quotation. The costs to arrange IP infringement cover are a lot less than what a business expects. Premiums start as low as £1,200.
Follow this link to learn more about how you can protect your business. https://www.gotostage.com/channel/3c3e911d10624e1e81b91dc92a7e4aba/recording/06718c8bc8964870a16cbf88a05123cc/watch