DB Insurance and InnoBiz Association Collaborate to Promote SME Technology Protection Policy Insurance

Team Leader Kim Byung-eun of DB Insurance and Policy Research Director Kim Se-jong of the Inno-Biz Association are taking a commemorative photo after signing a business agreement. (From left)

[Asia Economy Reporter Changhwan Lee] DB Insurance announced on the 14th that it has signed a Memorandum of Understanding (MOU) with the Inno-Biz Association and the Ministry of SMEs and Startups to promote the ‘SME Technology Protection Policy Insurance (hereinafter Policy Insurance)’.

This Policy Insurance is a specialized insurance product developed for SMEs to prepare in advance for unexpected disputes related to 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 through insurance payments in case disputes arise.

Any SME holding patents or trade secrets can subscribe, and the government supports 70% of the total insurance premium paid at the time of subscription. Additional premium support benefits are also available for Inno-Biz certified companies.

DB Insurance and the Inno-Biz Association plan to promote the expansion of Policy Insurance subscriptions among their members through this agreement, and will support customized solutions for members’ insurance needs by developing various new products in the future.

A DB Insurance official stated, “We are pleased to be able to carry out this policy with the Inno-Biz Association, which has a strong interest in protecting members’ technologies. Since there are also premium discounts when subscribing to group insurance, we will work together to take the lead in protecting the technologies of SMEs.”

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