If your company has intellectual property (IP), you know how valuable it is to the survival of your business. If you weren't able to protect this property, other businesses could potentially profit from your hard work. Unfortunately, there are times when other businesses do just that, but there are things you can do to protect yourself and your company. Here's what you need to know about protecting your intellectual property.  

Types of Intellectual Property Your Business is Likely to Have

Businesses vary in the IP they have, but the following four types of innovation are protected from being copied or stolen:

1. Copyrights. Most people are familiar with copyright protection as it relates to books, poems, and photography, but it also includes movies, music, electronic games, and computer software.
2. Trademarks. These include identifying marks, symbols, logos, phrases, and words that function to identify you as the manufacturer. Trade dress is also protected, and this essentially comes down to the physical appearance of your product. For example, if you make and package liquor, your bottle may have a distinct shape you'd like to prevent others from copying.
3. Trade Secrets. These are formulas and ideas that you or your employees have come up with that no one else has access to or that are not considered to be common knowledge. Trade secrets typically offer your company a competitive edge.
4. Patents. Any invention that's gone through the process of receiving a patent is protected from infringement.

Challenges to Finding the Offenders

Anyone can steal intellectual property, and when it happens locally, it's usually easier to find the offender and take action. Unfortunately, there are times that finding the person responsible and doing anything about it can be difficult.

One of the biggest challenges to finding and punishing IP thieves is that they're often located somewhere other than the U.S. The government currently has a "watchlist" of countries that are known for stealing intellectual property, and these countries don't have any sort of penalty for IP theft.

In these situations, hiring an attorney is the best recourse, as they can let you know what to do to bring legal action against the offender.

How to Protect Your Business

If you've recently learned that someone has stolen or used your intellectual property, there are some steps you can take to protect yourself and your business.

1. Whether you've stumbled upon the infringement online or you've witnessed someone using or benefiting from your work, the first thing to do is document everything you find.
2. The next step is to contact the offender, let them know the property belongs to you, and to immediately stop using your property. You or an attorney can send a cease and desist letter if necessary. The letter/email you send should include as much information as possible about your property including the type (patent, trademark, etc.) and what you want the offender to do, such as remove it from their website or cease using your trademark. Give them a deadline to respond or act, and let them know what will happen if they fail to do so.
3. If the offender fails to respond or act, you may wish to take legal action so you can possibly recover damages.

The type of infringement will determine whether it's a civil or criminal case. For example, copyright and trademark theft will usually be handled in civil court, and you could be entitled to receive payments from losses as well as profits the offender received while using your IP. You can also seek punitive damages and reimbursement for attorney's fees.

There are situations in which the theft or use of trade secrets is a criminal act. Counterfeiting and piracy also fall under the blanket of criminal behavior.

Hiring an attorney to help you with business litigation is crucial. They can not only hunt down the perpetrators, but they can also send cease and desist letters as well as let you know which agencies to contact when an infringement occurs. And they will work on your side when building a case for you and your business.