The Intellectual Property Office of Singapore announced a new initiative to support innovative enterprises as they enter global markets. The initiative is called the intellectual Property Insurance Initiative for Innovators (IPIII), and it will give innovative enterprises insurance coverage for legal expenses that may be incurred in intellectual property (IP) infringement proceeding worldwide.

Under IPIII, enterprises and innovators with a Singapore patent, trademark or registered design can take up an insurance policy with substantial cost savings that pays the legal costs of enforcing IP rights or defending against allegations of IP Infringement, which can often be expensive and detrimental to business cash flows.

New business risks will emerge as more enterprises use innovation and digitalization to grow and enter global market. With over 60 million IP in force in the world today, about 10 IP for every 1000 people globally, securing business interests with an IP insurance policy is emerging as a business priority.