Specialist and advice and knowledge can be invaluable to businesses, and in an increasingly global society translators are in high demand and can provide an even more vital service to the global business community. They may also be hired by the likes of local authorities, governments, and publishers and as such can deal with a wide variety of clients. Translator professional insurance is something to consider for both individual agents and companies, as it can help you against some of the risks of taking on larger contracts and assignments.
Translator professional insurance would typically include an element of professional indemnity insurance and or public liability cover. Indemnity cover is designed to help the policyholder in the event they face legal action following an alleged mistake or error committed in the general conduct of their business.
Companies may decide to take action if they feel a translator they have hired has acted negligently or missed something which has had an impact on them. For example, a translator might be hired by a firm to go over a contract written in another language and turn into a readable document. Then if an error is made in the translation which leads to the company signing when they would have thought again if the offending paragraphs had been translated correctly, they may decide to take legal advice.
This raises the prospect of being sued, which is never a pleasant experience but which can cost a considerable amount of money in terms of hiring a legal defence and paying compensation. Professional insurance often agrees to pay your legal bills and even any compensation awarded against you up to an agreed limit, potentially saving you thousands of pounds or more.
Available at different levels, providing payouts for hundreds of thousands or millions of pounds, it can be bought by businesses no matter how big or small and premiums are priced accordingly.
Translator professional insurance often also protects against allegations of breach of confidence or copyright, allegations of defamation, claims that the employees of a translation firm have acted dishonestly, and even includes an element of protection for a temporary period after you cease trading or change to another insurer, known as runoff cover and providing a period of extra protection so you’re not caught out.
Professional translators who are capable of operating in a business environment provide a comparatively rare and highly valuable service. The international nature of many modern businesses means translators are in significant demand. Firms may require their services when researching foreign markets, travelling to conferences abroad, or brokering deals with corporations who do not share their native language. A translator can even be hired by a legal team to help out in a court case and to help someone give evidence. Because of the sensitive nature of some of their work, many experts choose to take out translator indemnity insurance.
This type of cover protects the translator in the event they face a legal claim from a client following a mistake or omission. One wrong translation, even a slight misunderstanding, can result in serious consequences for businesses in certain circumstances. A single phrase, translated incorrectly, could lead to a business losing a client, for example. The business may then be minded to take action through a court against the translator. Indemnity insurance is designed to kick in and pay a policyholder’s legal costs in such circumstances.
A policy can be taken out by an individual or by a firm and will pay legal bills which arise as a result of an error or omission or act of negligence which occurs during the normal operation of the policy holder’s business. Defending a case can be an expensive proposition, and a compensation award might run to thousands of pounds or more. Up to certain limits, an indemnity insurance policy will pick up the cost.
Typically cover will also be included for such eventualities as being sued for libel or slander or facing a case following a breach of confidence or copyright. The key to making a successful claim will often relate to the circumstances – any omission or libel which is deliberate will not be covered, for example.
Premiums for translator indemnity insurance will be connected to the amount of cover a policy holder requires and excesses can also be agreed, which can also increase or decrease the cost. In certain circumstances the cost can be minimal and can provide protection from a potential legal bill which may cripple some businesses.