Intellectual Property Protection: Specialized IP Insurance Products
Is Intellectual Property Protection An Issue?
A survey conducted by Symantec Corporation reveals that many companies are lax in enforcing rules about intellectual property (IP) protection when employees leave their jobs. Only 47% of organizations take action when employees bring sensitive information with them upon departure, and 68% do not monitor the use of confidential information obtained from previous jobs. This issue can arise from both malicious intent and unintentional actions, with both scenarios posing significant risks to your company.
Intellectual Property Protection Statistics
- 50% of employees took confidential data with them when leaving their jobs last year.
- 80% of employees who took sensitive data intended to use it at their new place of work.
- 47% of employers said their organization takes action when employees bring sensitive information with them when they leave their jobs.
- 68% of employers do not monitor the use of confidential information obtained from employees’ old jobs.
What Does Intellectual Property Protection Look Like?
To safeguard your intellectual property, ensure that employees sign thorough agreements at the time of hire, clearly stating guidelines for IP protection. Patents, copyrights, trademarks, and trade secrets are vital to your business, and the laws associated with these concepts will help keep sensitive information safe. Before employees leave, have them review these contracts to remind them of what constitutes sensitive information. Additionally, obtain any confidential material stored on personal computers or other devices.
Specialized IP Insurance Products
Given the complexities and risks associated with IP protection, specialized IP insurance products from licensed insurance companies can provide an additional layer of security. These products are designed to cover various aspects of IP infringement, legal disputes, and potential financial losses. By investing in IP insurance, you can mitigate risks and ensure that your intellectual property remains protected.
Benefits of IP Insurance
- Financial Protection: IP insurance covers legal expenses, damages, and settlements in case of IP infringement claims. This financial support can be crucial for business survival, allowing you to focus resources on innovation and growth rather than legal battles
- Risk Mitigation: With IP insurance, businesses can adopt a forward-thinking mindset, investing in research and development without fear of potential IP disputes.
- Strengthening Business Relationships: Having IP insurance boosts credibility and reputation, showing clients and investors that you take IP protection seriously.
- Comprehensive Coverage: IP insurance provides protection for various IP-related risks, including infringement defense and abatement enforcement.
Benefits of Insuring Your IP
- Defensive Intellectual Property Infringement: Covers professional and legal expenses when accused of IP infringement by a third party.
- Contractual Indemnifications: Extends IP liability covers to contracted partners, protecting against unwanted risks.
- Protecting Intangible Assets: Safeguards IP rights from ownership challenges, ensuring the value of your IP remains intact.
Benefits of Working with ALIGNED Insurance
- Expertise: ALIGNED Insurance brokers are fully licensed and have years of experience in providing dynamic and personalized insurance solutions.
- Comprehensive Coverage: ALIGNED offers tailor-made insurance policies that cover a wide range of risks, ensuring your business is protected against unforeseen circumstances.
- Client-Centric Approach: ALIGNED Insurance is dedicated to making you a happy, life-long customer by addressing all your different insurance needs.
