London-headquartered managing general agent CFC has launched an intellectual property (IP) insurance policy for startups and small- and medium-sized enterprises.
Designed for businesses with a maximum turnover of GBP/USD 20 million in a variety of industry sectors, the new solution covers defence and pursuit enforcement, oppositions, as well as protection of loss of future profits and loss of IP rights.
Maddi Brown, intellectual property practice leader at CFC, asserted in a release: “SME businesses are disproportionately at risk of threats to their IP but haven’t had access to appropriate cover.
“For instance, it’s not uncommon for existing competitors to challenge the ownership of a startup’s IP or to oppose the validation of their IP rights during the application process. These are common tactics used to slow down or eliminate new competition in the market, and it can be really expensive and challenging for those small businesses to fight back.
“We’ve designed a comprehensive and easy to understand policy specifically for startups and SMEs that not only protects them against these types of incidents but any other threats to their IP. And we give the option of using a panel of expert IP lawyers to help them successfully navigate these contentious disputes.”
Premiums start from GBP/USD 1,000, said CFC, which considers the threat to small businesses’ IP a “very real” risk.
Interested brokers can get a non-binding indication for IP cover here.
