Managing the day-to-day activities of a small or medium-sized business can occupy most of its owner’s time, on top of mitigating obvious risks to the company from perils like natural catastrophes or cyber criminals. That’s in part why many business owners are still in the dark about risks associated with intellectual property (IP), which is intangible property that can hold valuable information key to a business’s identity, and whose ownership is typically established through a trademark, patent, or copyright.
“Most SME businesses are blissfully unaware of their IP exposure,” said Jeff Somerville, president of independent managing general agent SUM Insurance. “Protecting them against third party infringement is complex and expensive, and so is defending against claims alleging infringement against the IP of others.”
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.