There are multiple areas of Intellectual Property, an artist’s creation, a song, a book, the idea for a motion picture, logo designs. While infringement on these may be difficult to prove if one work strongly parallels another there could be grounds for a hefty lawsuit and that means hefty defense costs. Intellectual property rights belong to the creator until such time as these rights are sold or otherwise relinquished to another party. Insurance protection for any of these acts is not included in your general liability insurance policy. You need to purchase a separate Intellectual Property insurance policy.
What Is Intellectual Property? How Is It Protected?
Intellectual Property is defined as the creation or result from one’s mind or idea. What starts out as an intangible idea can quickly become tangible and profitable. There are several manners in which intellectual property is protected. Perhaps the most common and the one that immediately comes to mind is a patent.
Patents are generally summed up as inventions or discoveries and fall into three distinct categories. These categories are utility patents, design patents, and the far less known plant patent. Utility patents are requested from the United States Patent and Trademark Office by any person who invents any new process or machine or article. A design patent can be granted to any person who invents an original design for an existing article. Plant patents are strictly for anyone who invents or discovers a new variety of an actual plant. An example of a utility patent would be the old fashioned lap seat belt used in vehicles. A design patent would be the invention of the combined lap and shoulder seat belt known as the 3D design. It is an improvement in the design of an existing article. This new improved design can have its own patent by filing a design patent.
Another common form of Intellectual Property is the copyright violation. This could be the use of a symbol, logo or a name, but is more often the use of a written document in which the author holds all copyrights. Violating copyright is called infringement. Anytime you use someone’s work without their permission you have violated the copyright laws and there could be serious consequences. Not all articles have to be filed as a copyright.
What Are Trademarks? How Are They Beneficial for a Company?
Trademarks are the lifeblood of a business. Companies spend vast amounts of time and resources to get their particular branding just right to attract the type of consumer they need for their business to thrive. The trademark of a company can be steady and reliable or constantly evolving.
Trade Dress is not to be confused with trademarks. Trade Dress occurs when one product mirrors another existing product in some fashion. This lends itself to design, color or shape so closely resembling an existing product that it causes confusion to a consumer.
How Do You Purchase Los Angeles Intellectual Property Insurance?
To purchase Los Angeles Intellectual Property insurance you will need to prove that you have filed a registration for a trademark, copyright or patent. Although you may have done your due diligence so as not to infringe on another person’s idea, patent, trademark the exposure is there that you could be sued by a competitor and you will need a zealous defense.
A discussion of the operations of your Los Angeles business with your independent insurance agent is the best way to determine if you should purchase a separate Intellectual Property policy. At Makar Technique Insurance Agency, we are able to find a policy that will fit your needs and your budget. Your independent agent at Makar Technique Insurance Agency will be able to guide you through this process. Contact us today!