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May 20, 2022

How much of a loss can you take if a competitor steals your business’s intellectual property?


One of your company’s most important assets is its intellectual property (IP), and you need to protect it with adequate insurance. Intellectual property includes copyrights, patents, trade secrets, trademarks, and written materials, which are often stored digitally. If your IP is stolen, you may have to deal with significant defense costs and a less-than-adequate outcome financially. Yet many businesses have only comprehensive general liability (CGL) coverage that doesn’t fully cover IP-related cases.

When someone steals your IP and uses it improperly, the theft becomes a matter of misappropriation. Unfortunately, though, unless you have the right type of insurance, you may not have adequate coverage if your business is threatened by these illegal practices and litigation becomes necessary. It’s important for you to know in detail what your insurance covers, so check it out today.

Even your customer database stored on a computer needs protection from anyone who might want to steal it for their own use. Also, your company's supply-chain strategies and marketing plans can be stolen by aggressive business competitors, especially when an employee in the know moves on to another position in one of your competitors. This type of electronic information needs special insurance coverage, something that has become increasingly needed over the last 20 years due to the prevalence of information-related crimes.

Contact Koch Insurance Group for more information about the dangers of intellectual property crimes and the right IP coverage for your business.


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