Intellectual property (IP) includes a wide range of “intangible assets,” from software to illustrations to ideas. As a result, intellectual property is relatively easy to steal or misappropriate. This reality means online businesses need to safeguard their own intellectual property, and take care to avoid improperly using the intellectual property of others. Both expose a business to unacceptable risk, which e-commerce insurance in New Jersey is helpful in mitigating.
Cover Your Assets
Every business is naturally concerned with protecting its own intellectual property. A company must ensure its IP is properly registered to establish its rights to the property. Pains should be taken to detect unauthorized use of IP, which damages a company by diluting its brand, misrepresenting ownership, diverting revenues and potentially harming the business’ reputation. E-commerce insurance in New Jersey covers a company for losses due to such harmful practices, and for costs to pursue legal remedies.
Protection From Honest Mistakes
A business must also be concerned about improper use of another entity’s intellectual property. Even when such use is purely accidental, it is still actionable in many cases, which could cost a company dearly. E-commerce insurance in New Jersey could help cover damages related to unintentional infringement or unauthorized use of another’s IP. Whatever side a business ends up on, intellectual property protection is vital coverage to protect a company’s future.