Many large companies, especially in the technology industry, often are sued by smaller companies or individuals claiming patent infringement, and they have comprehensive, carefully crafted patent infringement coverage. But what about the reverse situation in which the large company sues the smaller inventor?
All companies, regardless of size, that have some form of intellectual property should discuss intellectual property coverage with their agents or brokers. According to Intellectual Property Insurance Services Corporation, the average patent lawsuit costs each side approximately $2.5 million in legal fees and expenses to litigate through trial, not including damages and settlements. That bill could put a small company out of business quickly.
The following companies have been sued the most over their patents to date in 2015. Could your company be next?
Source: Statista
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
