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Understanding Intellectual Property Risks

Mon, Apr 15, 2019 at 11:49AM

Understanding Intellectual Property Risks

These days, it’s almost impossible to not be somehow connected to digital communication. Beyond social media and online entertainment, technology has become a central part of both our personal and business lives. Still, that increased connection comes with increased risk.

From a business standpoint, data breaches and privacy compromise can be catastrophic. This not only threatens the long-term success of your organization but could also place your business in legal hot water. Who has the time or resources to put up with that kind of frustration?

The good news is that there are ways to protect intellectual property while still keeping information, products, and services accessible to clients/customers and employees. In addition, by partnering with an insurance firm well-versed in all aspects of risk management, you get the peace of mind that your company can continue to grow and thrive — weathering virtually any potential threat. Here’s what to focus on when it comes to intellectual property risks:

Take a Comprehensive Approach

A common definition of risk is the chance that something could go wrong. By contrast, in risk management, you can assess, identify, and prevent risk from occurring in the first place. When it comes to intellectual property, the process often seems cumbersome and even overwhelming to some people. But it doesn’t have to be.  

Instead, when you take a proactive approach to intellectual property risk management, you can protect both your employees and the entire organization. Get started by partnering with an insurance firm featuring skilled and dependable team members who can help your organization identify risks. Then, you can embark on a continuous journey of safeguarding employee and company assets.

For instance, consider how your company uses technology tools, and think of hypothetical scenarios where intellectual property rights associated with them could be compromised or eliminated.

Understand Major Risks

Intellectual property risk management protects your business against a variety of potential threats. That includes copyright infringement, brand impersonation, trade secret sharing, and much more. Along with thorough insurance, an effective intellectual property protection plan also includes certain legal safeguards.

One of the main points of confusion about intellectual property often surrounds the fact that ideas aren’t tangible. Unlike physical objects, it can be difficult to prove when ideas are compromised or even outright stolen. That doesn’t mean nothing can be done to thwart nefarious efforts, however. By partnering with an insurance firm focused on risk management, your business can reap long-term benefits and implement essential safety precautions.

Involve All Team Members

As with any collaborative effort, it’s important that all employees are on board and involved in the protection of your company’s intellectual property. Often, team members will have valuable ideas and strategies to ensure seamless creative production and protection.

For example, you might have a co-worker who has observed a situation that could result in a business interruption. Another employee might see a need for redesign or a different project direction to protect your company from an external claim of intellectual property infringement.

Along with regular training on the importance of keeping company secrets from the hands of competitors, this is also a great opportunity to identify potential leaders within your organization who can serve as peer ambassadors in the ongoing focus of intellectual property cultivation and preservation.   

Link with a Reliable Partner

As mentioned, the threat of compromised intellectual property is ever present. Disreputable companies and individuals will even actively seek out opportunities to capitalize on your company’s vulnerabilities. Thankfully, there are ways to avoid this fate.

Along with thorough training (plus enforcement of company policies and procedures), an adept insurance firm proficient with all aspects of risk management can help you perform an audit of potential risks, and take action before any incidents might occur.

In fact, for 17 years we’ve exceeded the expectations of business leaders and individuals across the region by providing integral advice and assistance surrounding a variety of insurance needs. Along with risk management, we also specialize in business and commercial insurance, construction insurance, automobile, flood, tree care, and homeowners insurance. Contact us today to get started on the continual protection of your company’s intellectual property.

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