When it comes to legal disputes, it is easy to assume it will never happen to your business, but depending on your line of work, facing a lawyer’s letter can be more likely than you might think. Although disputes are often sorted out amicably, some of them can end up with court hearings, and professional translators are in a group where a simple slip up can lead to a client losing money. Translator professional indemnity cover is a product which will pay for your legal defence in the event you face an unwanted claim, and it need not be an expensive asset.
In exchange for a premium, an insurance company will pay for your legal defence up to an agreed limit, and even cover the cost of any compensation which might be awarded against you. Being sued is arguably more likely in a world where people are increasingly aware of their legal rights. Companies who suffer what is known as a financial injury because of a consultant’s error maybe particularly minded to take action if they think they have a strong case.
This means a policy’s ability to protect you in the event of an error, omission, or accusation of an act of negligence in your work can be invaluable. Translators could simply mis-hear something in a business transaction, misinterpret it, and then face legal action, rightly or wrongly. The key to this kind of insurance is that it does not matter how valid the claim against you is, whether or not you receive a payout will not be based upon whether or not you really did make a mistake.
Besides mistakes in your work, translator professional indemnity cover also pays out if you face claims related to defamation. It will also cover you if you face a case that you have breached confidentiality or copyright, been accused of slander, or lost important data or documents belonging to a client of yours.
It can’t cover you in your private life, only in terms of what you do as part of your business. It can’t take away a legal claim, but can potentially save you thousands of pounds or more depending on the circumstances.
Translator professional indemnity cover also typically comes with a limit which you can set yourself, and you will need to decide what would be appropriate depending on the size of your business and your clients.
Shopping around for the right kind of insurance can be quite straightforward when you are looking for car or home cover, but when it comes to your business things can appear more complicated. Indemnity cover is a form of professional insurance which can protect consultants whose skills are hired by regular clients. Translators fall into this category as professionals providing a service on an expert basis, and as such could be vulnerable to legal action if they ever made a costly mistake. Translator professional indemnity cover is a straightforward cover product which could help protect you against such an incident.
Anyone familiar with the phrase ‘lost in translation’ knows how easy it is to misinterpret something even if you have the best training behind you. In a business environment an error could be costly, and may even result in legal action. This is why indemnity cover is something for translators to consider, even though it has traditionally been associated with people like architects and graphic artists.
Translator professional indemnity cover essentially pays your legal bills if you are ever on the wrong end of a legal action, i.e. being sued. This can happen if you ever make a mistake in your general work which leads to a client losing money, something which is often referred to as a financial injury. An indemnity policy will pay the cost of hiring legal help to defend your case and will even cover the cost of compensation, up to certain set limits.
The benefits of this are obvious as a legal wrangle can be a time consuming and expensive experience. For some smaller businesses it could also mean serious financial trouble quite quickly as legal help is rarely a cheap prospect. Indemnity cover also protects against a series of other legal risks, including breach of confidence or copyright. It also covers things like defamation, and even claims you have lost or damaged important documents or data which belongs to a client and was entrusted into your care.
A translator professional indemnity cover policy can also give you peace of mind after you have retired or wound down, giving you a run off period of protection. They can even be bought to cover against legal claims which arrive in the future but which date all the way back to before you even took out a policy.
Turning a talent for languages into a profession can involve dedication, hard work, and ultimately rich rewards. Translators have an arguably bigger role to play in a more global society, where business is often conducted not just between countries, but also between continents. But translators also run certain legal risks because of their role in interpreting, and even small mistakes can end up losing a company money. A translator professional indemnity cover plan is a type of insurance policy which some people operating in the business choose to take out as a safety net.
Indemnity cover is a type of policy which simply pays someone’s legal costs if they are ever on the wrong end of a legal challenge following a mistake. You are most likely to face a claim if an error you have made leads to a company or individual losing money. Generally speaking, a policy will protect you if you’re accused of an error, omission, or act of negligence. Court cases can be costly, particularly if you have to pay compensation to a successful claimant, and translator professional indemnity cover takes away this financial pressure.
A policy will pick up the bill run up after hiring a solicitor, and will even pay the cost of compensation if it is awarded against you. Besides mistakes, this type of policy will also normally protect you against claims of breach of confidence or copyright, allegations of unintentional defamation, and even the dishonesty of any employees working for a larger translator company.
All you have to do is choose a provider, and select the level of translator professional indemnity cover that you want. Policies do not continue past agreed limits, meaning anything over them will have to be paid for by yourself. Therefore it is important to select the right limits, which can be a few thousand up to millions of pounds, depending on the size of your business and the type of client you deal with. You can also select extra cover options, including retroactive cover against claims relating to something which happened before you bought the policy, and ‘run off’ cover if you cease trading or change insurer.
Working as a translator can involve travelling the world, meeting new people, and earning money in the process. But as a professional who offers advice for a living, a translator must also make sure they are as best protected as possible against some of the unwanted legal risks involved in the sector. Although most people are quite confident in their ability, mistakes do happen, and depending on what kind of assignment you’re working on, could cost someone a lot of money. Translator professional indemnity cover will help protect you should you ever be accused of making an omission in your translation, or committing a grave error which harms a client.
Indemnity cover can be taken out from a variety of insurers and is designed to help someone pay legal costs if they face an action following an act of negligence, a mistake or omission. Simple slip ups can lead to the collapse of a deal and leave a translator high and dry.
Some people will never have thought they would need to pay out for something like a legal defence, and may not have much put aside. Translator professional Indemnity cover will not only help you pay for your legal defence but also for any compensation that happens to be awarded to the unhappy client. All someone has to do is pay a premium, either in a lump sum or perhaps in instalments, in much the same way you would do with any other type of insurance. However, prices normally vary depending on the level of cover you require. Insurers will not protect someone up to an unlimited amount of legal cost, although some quite high ceilings are available.
How much protection you’re after will depend on the size of your business and the size of your clients. Larger businesses may want cover for millions of pounds worth of legal protection, while an individual operating at a low level may want just a few thousand.
Translator professional indemnity cover can also be bought which protects you against things like unintentional defamation accusations, and breach of confidence or copyright. This means you have a legal safety net and can get on with the job in hand without having to worry what you would do if faced with a lawyer’s letter.