{"id":3074,"date":"2025-03-20T10:10:12","date_gmt":"2025-03-20T10:10:12","guid":{"rendered":"https:\/\/patworld.com\/gb\/?p=3074"},"modified":"2026-01-05T16:03:47","modified_gmt":"2026-01-05T16:03:47","slug":"why-ip-insurance-matter","status":"publish","type":"post","link":"https:\/\/patworld.com\/gb\/news\/why-ip-insurance-matter\/","title":{"rendered":"Meet the IP Professional: David Bloom – Why IP Insurance Matters: David’s Mission to Protect Innovation"},"content":{"rendered":"

In the complex and ever-evolving world of intellectual property (IP), safeguarding innovations is a challenge many businesses face. While patents, trade marks, and copyrights provide legal protection, enforcing these rights can be costly\u2014especially for small and medium-sized enterprises (SMEs). This is where David Bloom<\/strong><\/a>, founder of Safeguard iP<\/strong><\/a>, comes in. As the UK’s only dedicated intellectual property insurance broker, David is on a mission to make IP protection accessible and affordable for businesses of all sizes.<\/p>\n

In this ‘Meet the IP Professional’<\/strong> feature, we explore David\u2019s journey from IP litigator to insurance broker, the importance of IP insurance, and how Safeguard iP is helping businesses defend their most valuable assets.<\/p>\n

From IP Litigation to IP Protection<\/h2>\n

David Bloom began his career as a solicitor specialising in IP law, working at the highly respected firm Olswang LLP<\/strong>, followed by Pinsent Masons<\/strong>. During his time as a litigator, he handled numerous patent disputes and trade mark cases, working with both large corporations and small businesses.<\/p>\n

\u201cI saw first-hand how devastating IP litigation could be for SMEs,\u201d David recalls. \u201cMany businesses assumed that having a patent or trademark was enough to protect them. But in reality, these rights only give you the ability to take legal action if someone infringes them\u2014and litigation is incredibly expensive.\u201d<\/p>\n

Time and again, David encountered clients who, despite having strong IP rights, were unable to afford the high costs of enforcement. For larger corporations, litigation costs could be absorbed within their legal budgets, but for smaller businesses, the financial burden was often insurmountable.<\/p>\n

\u201cThe system felt unfair,\u201d he explains. \u201cI knew there had to be a better way for SMEs to defend their IP without risking bankruptcy.\u201d<\/p>\n

The Birth of Safeguard iP<\/h2>\n

Determined to create a solution, David transitioned from law to insurance, founding Safeguard iP<\/strong>, the UK’s only dedicated IP insurance brokerage<\/strong>. Unlike general insurance brokers, Safeguard iP exclusively<\/strong> focuses on intellectual property protection.<\/p>\n

\u201cThere were existing IP insurance products in the market, but they were often too expensive or too limited in coverage,\u201d David notes. \u201cMy goal was to help insurers develop policies that truly met the needs of SMEs\u2014affordable, comprehensive, and easy to access.\u201d<\/p>\n

Safeguard iP works with businesses to assess their risks and find the right insurance solutions, ensuring they can enforce their IP rights<\/strong> and defend against infringement claims<\/strong> without financial strain.\"\"<\/p>\n

Why IP Insurance Matters<\/h2>\n

Many businesses underestimate the risk of IP disputes. However, with over 500,000 new businesses<\/strong> incorporated in the UK each year, the number of potential IP conflicts is rising.<\/p>\n

\u201cThere\u2019s more IP being created than ever before,\u201d David explains. \u201cAs a result, unintentional infringement is becoming more common. Whether it\u2019s a start-up unknowingly infringing on an existing patent or a company facing a trade mark challenge, the risks are significant.\u201d<\/p>\n

Without insurance, businesses facing IP litigation often face a tough choice: abandon their claim<\/strong> or risk financial ruin<\/strong>. IP insurance changes the equation by providing financial backing<\/strong> for legal action.<\/p>\n

\u201cWhen a company is insured, they can act decisively,\u201d David says. \u201cIn many cases, just informing an opponent that you have IP insurance leads to a faster settlement\u2014because they know you have the funds to fight.\u201d<\/p>\n

How Safeguard iP Supports Patent Attorneys<\/h2>\n

Safeguard iP has built strong relationships with patent and trade mark attorneys<\/strong>, who frequently refer clients to David\u2019s services.<\/p>\n

\u201cMany patent attorneys find that clients hesitate to file patents because they worry about the cost of enforcement,\u201d he explains. \u201cBy introducing them to IP insurance, attorneys can reassure their clients that their rights can be protected affordably.\u201d<\/p>\n

While UK Financial Conduct Authority (FCA)<\/strong> regulations prevent patent attorneys from advising on specific insurance policies, they can educate clients<\/strong> about the existence and benefits of IP insurance, referring them to specialists like David.<\/p>\n

\u201cMost attorneys want their clients to feel confident in their IP strategy,\u201d he adds. \u201cBy discussing insurance, they\u2019re helping clients make informed decisions about protecting their assets.\u201d<\/p>\n

Making IP Insurance Accessible<\/h2>\n

In the past, getting IP insurance was a complicated and expensive process. Companies had to complete lengthy application forms, and quotes often came back far higher than the expected cost.<\/p>\n

David has worked hard to streamline the process<\/strong>.<\/p>\n

\u201cNow, all I need is a company\u2019s website address and revenue details,\u201d he says. \u201cI can provide a quote within 24 to 48 hours<\/strong>. For SMEs under \u00a310 million turnover<\/strong>, policies are now significantly more affordable and predictable than they were a decade ago.\u201d<\/p>\n

Premiums for \u00a31m of worldwide enforcement and defence cover are circa \u00a33,500 and \u00a32,500 for \u00a3500k of cover.<\/p>\n

Thanks to these improvements, the number of businesses purchasing IP insurance has grown significantly in the last five years.<\/p>\n

The Future of IP Insurance<\/h2>\n

As the demand for IP insurance increases, David predicts lower prices<\/strong> and broader coverage<\/strong> in the future.<\/p>\n

\u201cMore policies mean more data for insurers, which helps them refine their risk models and reduce premiums,\u201d he explains. \u201cIt\u2019s a virtuous cycle\u2014more businesses buying insurance leads to lower costs for everyone.\u201d<\/p>\n

Additionally, coverage is expanding<\/strong>. While policies traditionally covered only defence costs<\/strong>, new offerings now include:<\/p>\n