Advisen released a paper that examines the significant damage that a patent infringement litigation can cause to businesses of all sizes. Sponsored by RPX Corporation, the free, 4-page paper also highlights the importance of patent infringement insurance and pre- and post-litigation risk mitigation products that would benefit companies looking to protect their businesses from the potential of multimillion dollar losses.
A patent is an “intellectual property right” granted by the U.S. Patent and Trademark Office that “gives a patent owner the right to exclude others from making, using, offering for sale, or selling the invention throughout the United States or importing the invention into the United States.” Patent risk is often associated with the accusation or allegation of infringing upon a patent owned by someone else, but the accusation fly for different motives.
One motive relates to a conflict involving one company alleging patent infringement on another. Some companies use patent litigation as part of a competitive strategy. Other patent owners seek to extract value from their patent to generate revenue and so many other different angles.
Due to the impending devastation a company faces in relation to patent litigation, it is important for businesses of all sizes to get appropriate insurance coverage since applications, policy forms, perils, underwriting and costs differ insurer to insurer. Proper patent risk management allows companies to mitigate cost and avoid the serious devastation of a patent infringement dispute.
Download the 5 Myths About Patent Risk Debunked infographic from Advisen and RPX that cites the myths most companies associate patent risk with. It also presents the facts about patent risk management and patent infringement insurance.