Some of the most important assets for a business are the unique factors that distinguish that company from the competition. While intangible, proprietary information could be critical for success, and a business will benefit from taking every available precaution to protect those things. There are different legal tools that will allow a Florida company to protect its trade secrets and shield its competitive advantage.
Practical steps to protect trade secrets
A trade secret is any specific piece of information that provides economic value to the person who has the information. This can include a formula, client list, method, technical information and more. There are certain legal steps available that will allow a business to protect its intellectual property, including using non-disclosure clauses in all employment contracts. It may also be beneficial to conduct exit interviews with employees when they leave the company.
These interviews provide the opportunity to remind employees of the terms of the NDA they signed at the beginning of their employment with the company. Simple measures, such as password-protecting computers, can also be a positive security measure that may protect intellectual property. If there is a breach of contract, trade secret theft or other problem, the business may have grounds to pursue legal action.
Protecting the company’s interests
Trade secrets are critical property owned by a business. It may be helpful for a Florida business to seek the guidance of an experienced attorney to understand how to protect intellectual property and what to do if there is a theft of these types of assets. An assessment of the specific needs of a company will provide insight into the ideal way to protect intellectual property.