The term “proprietary information” can be used to describe a broad range of things that the owner considers confidential. It is any type of data that the owner wishes to restrict who know about it or its contents. Proprietary information is another way of saying something is a trade secret.
Below are a few examples of types of proprietary information:
- Financial information. Your business probably has financial information that you do not want shared with others. This includes profit margins, overhead expenses, budgets, quotas, projections, and any other data reflecting the financial status of your company.
- Marketing information. If your business has invested a lot of time, money and effort in its marketing efforts, you want to protect this information. This may include marketing strategies, studies conducted, plans for introducing a new product and other similar pieces of data.
- Research and development. When your company conducts research and produces reports regarding product plans, problems with pending projects or other technical reports, it is important to safeguard this information.
- Manufacturing data. You should protect information critical to the manufacturing of your product which may include your vendor names, production levels, future plans and sites, material cost, product failure rates, chemical formulas, or manufacturing processes.
Protecting proprietary information is essential to ensure that competitors cannot keep up with you or surpass you. It also helps ensure that if a breach occurs, your business will have legal recourse. The law can impose severe penalties for stealing trade secrets.
If you need assistance understanding what types of proprietary information your business has and how you can protect it, let us help. The Swenson Law Firm is located in Sacramento County and we proudly serve businesses of all sizes from all over the State of California. Contact us today to learn more about how we can assist you with matters such as trademarks, defending lawsuits, business formation, contract negotiations, hiring employees, and protecting your intellectual property. With our years of complex business trial and litigation experience, we are an effective, efficient and affordable choice in representing you at the bargaining table and in the courtroom.