Of all the valuable assets your business has, its trade secrets may be among the most important. Your proprietary information gives your products and services a competitive edge, so they should be guarded as closely as possible. While business law allows you to seek damages if your formulas, processes, or research are leaked to competitors, the best approach is to keep your trade secrets under wraps from the beginning.
3 Tips for Safeguarding Your Proprietary Information
1. Nondisclosure Agreements Are Crucial
Every employee, contractor, and vendor who has access to your sensitive information should be required to sign a nondisclosure agreement before they start working. Have a business law attorney draft up the contract to make sure it’s fully secure. If it’s allowed in your state, have the employees sign a non-compete agreement to keep them from going to your competitors if they leave.
2. Restrict the Flow of Information
One of the best ways to keep your processes secure is to ensure that no one has access to more information than they need. If you don’t have a full-time information management professional on the team, you may want to hire a consultant to institute some proven security measures.
3. Ban Personal Electronics
Everyone these days has a camera in their pocket, so consider banning personal electronics in some parts of the facility. You can also issue work phones or tablets to some employees, which gives you access to what they’re doing at work.
Whether you’re involved in business litigation or need contracts and agreements drafted, the legal team at Gallo & Iacovangelo LLP have the insight and extensive experience to protect your interests. As one of Rochester, NY’s largest law firms, they have the resources to meet the needs of businesses of any size. Visit their website for an overview of their business law services or call (585) 454-7145 to schedule a consultation today.