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.

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