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Have you taken steps to protect your company's trade secrets?

An often-overlooked area of business and commercial law involves setting up protections for your company's intellectual property. Trade secrets, in particular, are vulnerable to theft because they can give other commercial businesses a leg up in the world of commerce. Since most business owners work very hard to develop intellectual property, it makes sense to do all you can to protect your secrets.

An excellent first step in protecting your trade secrets is engaging an attorney familiar with Minnesota business and commercial law. Together, you can create effective strategies that will keep your company property safe. In the meantime, you can begin learning how to put protections in place on your own. The following tips can help.

  • Identify all of your trade secrets (inventions, designs, processes, etc.)
  • Create a draft of a trade secret protection policy for your staff that your lawyer can review later
  • Take steps to train and educate your workers about your privacy policies
  • Consider restricting or limiting access to your trade secrets to authorized employees only
  • Ask your lawyer to help you create an effective way to mark your company's trade secrets
  • Keep all of your intellectual property in a secure location, and keep your computer files tightly protected as well
  • Always use caution when you are dealing with third parties that could have an interest in your intellectual property

The tips in this blog post are by no means exhaustive, but they can help your attorney create a more comprehensive plan for you. Taking protective steps early on goes a long way in keeping your trade secrets and other intellectual properties safe from misappropriation.

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