If you have spent money to build your business, you want to make sure that your investment is protected. For instance, if you bought a machine, you want to know that it will work properly for as long as possible. If you developed a product, you want to make sure that your trade secret remains a secret until you choose to divulge it. What are some ways that you can legally protect yourself and your company?
Buy Business Liability Insurance
To protect your company from claims by customers, employees or vendors, you should buy a business insurance policy. This ensures that any damages caused by an accident at company headquarters or for any other reason are paid by your insurance company. Policies can generally be tailored to meet your specific needs and budget.
Get Some Non-disclosure Agreements
Nondisclosure agreements prevent individuals from talking about or passing along information about sensitive information. The NDA may cover any prototypes that you reveal to a potential client or investor or keep a business plan or other information secret. In most cases, terms of such an agreement allow you to pursue financial damages if it is broken or breached in any way.
Acquire Professional Help
Ideally, you won’t have to take anyone to court to resolve a dispute. For small companies, this may be a waste of time and money while also serving to strain relationships with important people or entities. Professionals, like those at Ogborn Mihm LLP, realize that having an attorney on retainer could make it easier to get other parties to negotiate in good faith if a dispute does arise. This is because it shows that you are serious about your rights and taking action to defend them if necessary.
File for Trademark and Copyright Protection
A logo, company slogan or other intellectual property may be eligible for a common law trademark or copyright when it is created. However, to fully protect your property, you should file for a full trademark or copyright of your intellectual property. If your rights are infringed upon, you may be entitled to financial compensation or other appropriate relief.
It is critical that you take steps to protect your company and the investment that you have made in it. Hiring an attorney, filing for trademark or copyright protection and buying insurance are all ways that you can achieve that goal. While you never expect anything bad to happen, it is always better to be prepared before instead of after a disaster strikes.