It is reasonable for a Florida business to want to do everything possible to protect its property and shield its competitive advantage. A critical aspect of that endeavor is the protection of trade secrets, which include different types of closely held information that have inherent value for a business. To protect a trade secret, it will be helpful to understand what counts as a trade secret and what legal protections may be available.
Protecting confidential information
Trade secrets are types of intellectual property that are critical for a business and its interests. Even though they are intangible, these are valuable assets that can be bought or sold. In the wrong hands, a competitor could use trade secrets to secure an advantage, harm another company’s profitability and more. For something to qualify as a trade secret, it should meet the following requirements:
- It must be a commercially valuable secret.
- It can only be known to a limited group of people.
- The rightful holder of the information must take reasonable steps to keep it safe.
Common ways to protect trade secrets is through the implementation of confidentiality clauses, non-compete agreements and the inclusion of certain terms in employment contracts.
Helpful steps for a business
A Florida business will benefit from taking whatever legal steps are necessary to protect its long-term interests, including the protection of trade secrets. It may be helpful to work with an experienced business law attorney to understand what a company can do to ensure its closely held information stays in the right place. An assessment of the company’s intellectual property can provide insight into what protections will be most effective.