Today it has become essential for businesses to take steps to protect assets. An often overlooked area relates to intellectual property and, in particular, trademarks.
Trademarks protect the rights of owners of a company, keeping others from using their names on similar or competing products or services. A trademark protects ‘intellectual property’ – valuable company assets that are not tangible, but are the result of invention and creativity.
Trademarks include names, logos and other identifiers of products or services. One of the benefits for small business is that trademarks are relatively easy to register and not too costly to obtain.
On the other hand, the cost of not having a trademark properly protected can be very damaging for a small business. One of the big risks is that a small business who has not got a trademark may be forced into expensive legal action in order to enforce intellectual property rights.
The cost of adequately protecting business assets through a trademark is insignificant by comparison.