DB Insurance Partners with Government to Support SME Technology Protection Policy Insurance

[Asia Economy Reporter Changhwan Lee] DB Insurance announced on the 3rd that it has introduced the ‘Small and Medium Enterprise Technology Protection Policy Insurance (hereinafter referred to as Policy Insurance)’ in collaboration with the Ministry of SMEs and Startups, which compensates legal expenses incurred during technology disputes of small and medium enterprises through insurance.

The Policy Insurance is a specialized insurance product developed for small and medium enterprises to prepare in advance for unexpected disputes involving key technologies such as patents and trade secrets owned by SMEs, and to compensate legal response costs such as attorney fees up to 100 million KRW in case a dispute arises.

Any small and medium enterprise holding patents or trade secrets can subscribe to this product. The government supports 70% of the total insurance premium paid at the time of subscription.

For certified companies such as Main-Biz, Inno-Biz, and technology protection leading companies, the government provides additional support of up to 10% of the insurance premium, reducing the premium payment burden for SMEs wishing to subscribe.

A DB Insurance official stated, “We will continue to collaborate in various ways to establish a support system for technology protection for SMEs promoted by the government, and develop various insurance products that can protect SMEs’ trade secrets and intellectual property rights.”

Policy Insurance can be inquired about through the DB Insurance Technology Protection Policy Insurance dedicated call center or the operating institution of this project, the Foundation for Large and Small Enterprises and Agricultural and Fisheries Cooperation.