Specialist insurance provider CFC and broker BMS have developed a new set of trademark insurance products for business owners.

The products help trademark owners and applicants protect intellectual property.

According to last year’s Intellectual Property Report, trademark filings have risen slowly from 39,800 to 47,000 over the past decade. More than 90 per cent of domestic applications in 2016 were from private individuals or small businesses.

Last year Intellectual Property Australia challenged the insurance market to develop an affordable product for trademark owners.

CFC and BMS’ Trade Mark Protect will cover legal costs in defending opposition to trademark applications or attacks after registration.

CFC Intellectual Property Practice Leader Erik Alsegard says many small businesses lack the resources to fund legal costs in a trademark cases.