In today’s truly global business climate, the use of a translator can often be crucial to the negotiation of business deals and agreements. Although a translator may be totally confident in their ability to get things right, most of those operating on a professional level opt for a form of translator professional indemnity insurance. This type of policy is designed to protect a translator against the effects of legal action should they make an honest mistake in their professional duties.
Professional indemnity insurance is taken out by individuals or businesses which offer advice or specialist services to clients. A translator provides advice and specialist knowledge in the field of language and is therefore seen as just as much as an expert in their field as a medical, training or management consultant. With all the practice and expertise in the world, mistakes are still possible in a translator’s day to day job. One misinterpreted word could lead to the breakdown of a deal, for example. Professional indemnity insurance is designed to protect an expert in the event that legal action arises from such a mistake.
Translator professional indemnity insurance protects against legal action relating to business injury or financial harm suffered as a result of a negligent act, error or omission. It will typically cover the legal costs of defending a case and even cover any damages awarded to a claimant, subject to certain limits. A policy will give further protection, such as against the loss or damage of important business documents, the accidental infringement of intellectual property rights and will also guard against an individual committing libel, slander or defamation accidentally. It will often also protect against someone committing and accidental breach of confidence or confidential duty.
Cover is often taken out with a ‘retroactive’ feature, meaning it covers against any claim which arises in relation to an event which took place before the start of the policy. Many people also arrange for ‘overrun’ or ‘run off’ cover periods which cover a person for a period after they cease trading or retire. Translator professional indemnity insurance can therefore provide effective and lasting peace of mind, allowing someone to carry out their duties in confidence.