How NDA’s Can Safeguard Your Business
With all the headlines about hackers and email leaks, it is very evident that in today’s world confidentiality and privacy are of utmost importance. So it’s important to always be conscious that everyone who interfaces with your business will eventually come into contact with bits of information about your business which you may wish to keep secure and restrict to internal use only.
Whether it is about the processes that run your business, trade secrets, or other keys to your competitive advantage, there will often be something in your business that you don’t want the general public (and especially your competition) to know.
To protect your business from letting sensitive information out into the public a Non-Disclosure Agreement (known as an NDA) is often a good start.
An NDA is an agreement between two parties to not share knowledge of a sensitive or confidential nature with unauthorized parties. Businesses use NDAs when they are going to share proprietary information while working with another individual or group which requires that the information remains secure.
Without a non-disclosure agreement, you cannot control the flow of information that someone chooses to take part in. Any person – including your employees – is free to learn about your processes and tell anyone about them. This is why having your employees sign NDAs is just as important as having those outside your business sign them. Having an NDA serves as a deterrent and safeguard against such risks
As business insurance brokers working with entrepreneurs and startups Bullfrog Insurance is always aware of simple solutions and business practices that can safeguard your intellectual property and minimize business risks. Be sure to frequently check in at Bullfrog Insurance for other informative business tips ranging from risk management to marketing.