A patent gives you ownership and rights related to your invention and subsequent product(s). A patent protects your invention so that others can’t 
create, market or sell the product without your expressed consent. Patents protect your intellectual property. Patent Pending status lets others know you've filed for a patent and are currently involved in the approval process.
There are many reasons to get a patent, the first of which is to protect your invention and retain rights to it. With a patent in place, no one can infringe on your rights as the inventor of the product or the product itself. A patent is a must-have; otherwise anyone could create copies of your product and claim the invention as their own.
Additionally, if you plan to sell your invention to a third party, the buyer will require one or all of the following:
Note: Many buyers will settle for Patent Pending status if they feel the invention is marketable, because it can take years to work through the patent approval process.
Finally, you are protected for many years and you can sell or license the patent as you could with any asset. You also have legal recourse if someone infringes on your patented product. You can sue for royalties and damages, if desired.
So how exactly does a patent work to protect you? First and foremost, patents are granted by a government entity, are legally binding, and allow you to own your product or invention for a set period of time. Second, patents have been around a long time, and are established and universally understood laws of the land. Finally, patents are not granted until sufficient information has been filed to fully protect all aspects of the invention. If you get a patent, your invention should be sufficiently protected.