Intellectual property denotes ownership in the forms of expression of certain types of information and ideas. They are invaluable rights and protect a businesses identity and creations. IP can exist in every aspect of a business, including its processes, names, logos, impressions, formulation of ideas and know-how. It is the thing that makes one business unique from another. IP rights are transferable assets of value and offer protection to brands whilst also maximizing healthy competition within a market. A business needs to ensure it protects its IP and be careful not to engage in any practices that may infringe others, since the internet has made it significantly easier to hide intellectual property theft.
Besides the usual copyrights, patents, trademarks, which we already covered in our previous articles, here are some actionable tips for you to do to secure your intellectual property.
Domain Name Registration
One great tip is that you acquire the best domain name to represent your company as fast as possible. Many online companies bulk buy domain names that have business potential with the outlook to sell it for profit to individuals and companies who are interested in them before the seller knows that your domain name is highly significant.
Confidentiality or Non-Disclosure Contracts
These contracts protect the confidentiality of the company, avoiding eventual leaks of trade secrets that can be used by the competition to win in the market. If you own a business that uses sensitive information that, when exposed, can lead to other people exploiting it, you need to let your employees sign binding contracts.
For creative material, especially artwork that can be digitally transferred, it is not difficult to find a space online where you can register for everything that will protect your intellectual property and set it for licensing.
On another level, when you have fully registered all of the intellectual property that surrounds your food business or other industry, you can license out a franchise. While licensing contracts can be complicated, they are not impossible to perfect. It would significantly help if you hired a legal team to prepare the paperwork and list all of the guidelines that will ensure a franchisee’s profitability.
Intellectual Property Insurance
It would be best if you acquired intellectual property insurance as a liability policy with the purpose to protect you from costly legal fees and damages incurred in a judicial proceeding when you are claiming your IP. Every IP risk is different, and every owner’s requirements vary, so insurance coverage must be tailored to suit your unique situation.
If you are implementing a start-up or upgrading your business, it would help if you hired legal expertise to protect all of your intellectual property. A lawyer can help you find the proper insurance for any intellectual property loss and see to it that when damage happens, you can claim what is rightfully yours. With a lawyer with expertise in IP and insurance, you will be able to register your properties soundly and find the right protective measures.
Intellectual property is a business asset. It helps set apart your business versus your competitors. It also provides a stream of revenue, which you deserve to be compensated for since these are your creations. It makes good business sense, therefore, to protect your IP and restrict others from copying, using, selling or distributing, and profiting from it without your consent. It might seem like a costly process to protect your IP – however, in the long run, the cost to register your IP may be worth paying for versus the risks of not staking your claim.