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What is a trade secret?

Your welfare may hinge on how well your business performs. When it comes to protecting the ins and outs of that business, you may want to look into measures for keeping trade secrets confidential.

Does your business have a trade secret that needs protecting? Take a deeper dive into what makes a trade secret and how you can ensure yours remains in-house.

What is a trade secret?

Building a business centered around a product or method of doing things may come with a host of practices and development that you do not want public. A trade secret is a fundamental element that makes your business or product unique. It is something that, if made public, could put you out of business. While it usually applies to manufacturing and materials used in making something, a trade secret may also hinge around computer code or methodology.

How does Florida law protect trade secrets?

You will likely not share every detail of your product or business with every employee. You can take trade secret protection further and legally protect it from getting out. The most effective way you can do this is through non-disclosure agreements with any employee with access to this confidential information. A non-disclosure agreement gives you legal recourse should an employee leave and expose your business’s trade secrets. A court will uphold a non-disclosure agreement, and the financial compensation set out for anyone who breaks it.

If you do not currently have a standard non-disclosure agreement to protect your business, you should consider it. Speak to a legal professional with experience crafting a document that gives you peace of mind against disgruntled employees.

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