FAQ

Where do I find my trade mark number?

After applying for your trademark, it may take 1-2 weeks for you to receive a letter entitled notice of filing. This letter will contain your trademark number as is the first time your trademark number is issued. Once you have this number, you can then apply for Trademark Protect online.

Why is trademark insurance important?

Intangible assets, such as trademarks, data and intellectual property are becoming increasingly valuable. More and more, traditional physical asset based companies are being replaced at the top of the food chain by their data based counterparts, such as Google and Facebook.

Your IP is just as important as your product. It is the foundation of your business model on which you build your customer service, branding and reputation. It deserves to be protected just like a physical asset.

How valuable is my IP?

Based on a 2015 Ocean Tomo survey, intangible asset value has increased from 17% of business value in 1975 to 87% of business value in the present day. More than ever, your intellectual property is your business.

What is a trademark dispute?

Trademark disputes arise when a third party challenges your ownership of your trademark. This may occur if your mark is based on intellectual property you don’t own or is too similar to an existing trademark or even an unregistered design, name or slogan. These may not have shown up in your original searches but could still result in a dispute.

What does a dispute cost?

What does a dispute cost?Disputes vary in cost and can be as low as $1,000 to resolve. However, there are a number of outcomes which could prove considerably more expensive. Disputes can go as high as the federal court and cost thousands of dollars in legal fees. Aside from the legal fees, maintaining some level of ownership over your trademark may require a compromise with long term financial impacts, such as entering a licencing or royalties arrangement with a third party. 

The worst outcome of a dispute is losing the rights to your trademark which, depending on your circumstances, could require a costly and time consuming rebrand resulting in loss of existing customer base, reputation and brand loyalty.

What can insurance cover?

While coverage can vary, trademark insurance aims to cover the legal fees incurred in defending your trademark. Some insurances can also extend to cover the costs of pursuing parties who infringe on your IP, loss of profits and loss of rights.

What is Trademark Protect?

Trademark Protect is a type of IP insurance that specifically covers the risk of your trademark being challenged. These challenges can come in either the opposition period or even after your trademark is considered registered. Trademark Protect is made up of two policies:

  Trademark Opposition Cover Registered Trademark Cover
Limit From $50,000 From $50,000
Cover Defense Opposition to Registration Defend Application for Removal 
Policy Length  Two Month (Opposition Period) Cover Twelve Month Renewable Cover

Premiums

(incl government charges)
From $215  From $215
Apply Online Yes  Yes
Deductible Nil* Nil*
*Policy terms and conditions apply.

How are the costs covered?

BMS and our underwriter, Lloyds of London will work with your Attorney to progress your claim, meaning you don’t have to worry about payment to the Attorney for services given in accordance with the policy wording.

How do I purchase the policy?

You can get a quote online today.