As a translator, you’re relied upon to communicate effectively between different parties. From verbal translation for court proceedings, media footage and foreign relations through to translating important documents for businesses, this is a vital role for effective interactions across the world. In many situations, the onus is on you to ensure public figures, companies and products are presented clearly and accurately.
Such an essential role means there will never be any shortage of opportunities for you. Whether you’re thinking about setting up as a freelance interpreter or intend on doing a little bit of extra work alongside a fulltime job to supplement your income, don’t forget to protect yourself with insurance for translators. After all, it only takes a small mistake – one that even the most competent of professionals is capable of making – to end up in trouble.
A misplaced letter or poorly structured sentence has the potential to cost a client millions of pounds – giving them grounds to take legal action against you to remunerate this financial loss. While there are a number of elements forming a quality translators insurance plan, professional indemnity insurance, or PI as it’s commonly referred to, is definitely the keystone.
PI insurance is designed to protect you should claims be made against you for the likes of professional negligence and loss of data.
Why do translators need professional indemnity insurance?
If you make a mistake in translating packaging content for an international brand and it gets to print, the cost of rectifying this error would be huge. A client could sue you for professional negligence. A file containing months of translation work for a business might corrupt, leaving you vulnerable to being sued for loss of data if there’s no backup.
These are just a couple of many possible scenarios where having professional indemnity cover as part of a specialised insurance plan for interpreters would be an absolute necessity.
Being uninsured leaves you at risk of financial ruin, not to mention the irrevocable damage suffered to your professional reputation should a case reach court. On the other hand, if you’re insured then any financial or trade loss in situations such as this will be taken care of.
With bespoke business insurance from The Insurance Octopus, there are options to be covered for costs ranging from £50,000 to £10 million. Various add-ons are also available in order to perfectly tailor cover to your individual business needs.
Other business insurance essentials for professionals in this sector
While professional indemnity insurance forms a strong foundation for your cover, there are other important aspects needed to provide comprehensive protection.
Are you an employer? Translating businesses with one or more employees will need to have employers liability insurance incorporated into the plan as it’s illegal to not have this element in place. Without this type of cover, you’re leaving yourself liable to large fines and prosecution.
Public liability insurance is another must-have feature of any strong insurance package for small businesses and freelance professionals if you interact with 3rd parties.
A client could trip over a loose wire while visiting your office and decide to take legal action after incurring a serious injury. In cases such as this, where members of the public suffer an injury or loss as a result of your business, being sufficiently insured is paramount.
Even if you run your translator business from home, you’re still liable for any incidents that occur while clients or suppliers visit.
Taking all of the what-ifs into consideration, getting properly insured is a small price to pay for protecting your livelihood and peace of mind.
To protect your business, and to discuss a variety of different professional indemnity policy add-ons available, contact The Insurance Octopus and get covered today.