Patent agents representing product inventors face a wide variety of risks because of the many different exposures involved with their business activities. Not all of these risks can be covered by General Liability insurance, which is why we also also offer Professional Liability, Property, Business Auto and other policies.
You probably have a lease or mortgage that requires you to have General Liability insurance. General Liability insurance covers claims of bodily injury, property damage or advertising, and reputational damage. Sip-and-fall accidents, unauthorized release of client confidential information, copyright infringements or damage to client property by you are only some of the possible risk scenarios .
Any company that offers advice to clients needs Professional Liability insurance, also known as Errors & Omissions. This will cover claims of negligence and faulty advice, and is specifically designed to cover potential damages as a result of errors or omissions that occur while performing work in your area of expertise. Such disputes with clients frequently lead to lawsuits, and this policy covers your attorney fees and other defense-related costs, even if the suit is unmerited.
Your patent agency employees need protection from injuries while on the job, which could include anything from slip-and-fall accidents to repetitive motion injuries. All 50 states have mandatory workers’ compensation laws. However, the overall workers’ compensation exposures for patent agencies should be minimal.
You will need this policy if your company hires vehicles or allows employees to borrow company vehicles for business-related purposes, including the running of errands. It covers personal injury and property damage should the driver be involved in an accident while on the road for business purposes.
Your business property, data and equipment are the most significant elements of the daily running of your business. Unfortunately, an endless variety of unexpected events could disrupt your operations, such as vandalism, fire, natural disasters, extreme weather, or theft. If such an unfortunate event occurs, business property insurance steps in so you can make repairs and replace damaged or missing equipment.
All too often business owners experience losses attributed to employee theft of money, data or property. Naturally, outsiders can also steal from your place of business, but patent agents are most at risk for employee-related crimes. Employee embezzlement and theft of petty cash or office supplies is something to be aware of, and a Crime Insurance policy is your best protection.