For many businesses, intellectual property (IP) is one of their most valuable assets. Shockingly, it’s also one of the least protected when it comes to insurance. As a broker, you’re in a unique position to start the conversation before your client learns the hard way through an unexpected lawsuit or infringement dispute.
Not sure how to begin? Use the tips below to guide the conversation or reach out to IPISC at https://ipisc.com/contact-us/ anytime for guidance, tools, or support.
Here’s how to make the conversation simple, relevant, and actionable:
1. Start with What’s Familiar
Most clients don’t think about their intellectual property the way they think about physical property. But the risks are just as real.
Try this:
“You insure your building, your equipment, even your employees. But if your patented product or company name were threatened tomorrow, would you have the resources to respond?”
2. Keep It Industry-Specific
Use examples relevant to your client’s industry. A tech startup may face risks from patent trolls. A food company might be vulnerable to trade secret theft. A retailer could be accused of infringing a competitor’s logo.
The more tailored the example, the easier it is for them to see the value.
“We’re seeing a rise in copyright disputes in manufacturing and tech companies like yours. These cases can be expensive and unpredictable—but they’re insurable.”
3. Explain That a Patent Alone Is Not Protection
Many clients assume owning a patent, trademark, or copyright is all they need. But registration doesn’t come with enforcement or defense built in.
“Owning IP is like owning a car. Having the title doesn’t mean you’re covered if something goes wrong. IP insurance fills that gap.”
4. Introduce Enforcement and Defense Coverage Simply
You don’t need to get technical. Just explain the basics:
- Defense Insurance helps cover legal costs if they’re accused of infringing someone else’s IP.
- Enforcement Insurance helps cover the costs of enforcing their IP rights if someone infringes on them.
“Whether your client is sued or needs to take action to stop infringement, there’s a policy that helps manage the cost and risk.”
5. Position Intellectual Property Insurance as a Business Tool
Reframe insurance as a strategic investment, not a cost. It can give clients peace of mind, protect R&D spend, and even help during Mergers and Acquisitions or fundraising.
“Investors and buyers often want to see that IP risks are accounted for. Having insurance in place signals preparation and strength.”
6. Lean on Us for Support
You don’t have to be the IP expert. IPISC is here to help you and your client every step of the way.
At IPISC, we’ve spent over 30 years focused solely on IP insurance. From pre-application support to policy servicing and litigation management, we’re your partner in this process.
Feel like you are ready to start the conversation?
Let us help you evaluate your client’s exposure and match them with the right policy.
Connect with us here: https://ipisc.com/contact-us/
