An article authored by Jason Balich titled “Insuring Innovation in an Evolving Tech Landscape” was published in The Licensing Journal. In today’s ever-evolving technological landscape, intellectual property is the cornerstone of competitiveness and innovation. But many companies are ill-prepared for an employee to leave and deliver the company’s valuable IP to a competitor. Sure, there may have been a nondisclosure agreement (NDA) in place with the employee, but many companies do not have the capital to enforce those NDAs. Moreover, as innovation drives progress, with it comes the risk of patent infringement allegations. Legal battles can be costly and time consuming. Fortunately, insurance exists to mitigate all of these risks and provide a safety net. In this article, Jason discusses why general liability insurance isn’t enough, what IP risk insurance is and how IP insurance works, and the consequences of not insuring innovation.
