While most people are familiar with the process of insuring a home or car, many people setting up a new enterprise may be unfamiliar with how they can protect their business. Translators are no different to many other types of company offering professional advice, and as such may require a degree of legal protection. A translator professional insurance policy can help protect them against some of the unwanted pitfalls which can hurt some businesses in certain circumstances.
A translator professional insurance product will often contain a professional indemnity policy provision, potentially saving the business from thousands of pounds in legal bills. Protection works like this – should you ever be formally accused of making a mistake in your general day to day work, you will get money towards legal fees which are run up defending yourself. To give an example, a translator might be hired by a foreign company to help it negotiated some careful business dealings. If the process breaks down, and one party were to later accuse the translator of making an error which caused this, they may be liable for legal action.
Your insurance policy would pay for your solicitor’s fees, from initial consultations and hearings all the way up to an appearance at the high court if a case went on for long enough. Protection does not need to be overly expensive, as you can tailor it to your individual needs. Not every translator company needs a policy stretching into millions of pounds worth of protection, although this level may be appropriate for some larger companies. Depending on the size of the business and its typical client, tens of thousands or hundreds of thousands worth of protection may be adequate.
A policy will normally also guard against allegations of copyright infringement or breach of confidence and other infringements, including defamation and even the loss or damage of a client’s important data or documents. Translator professional insurance may even include a public liability insurance element, meaning it is possible to get a policy which covers many of the common legal problems. Cover can even be bought which protects against claims which arrive in the future but which date to something historical, possibly before you bought the policy.
Working as a translator or interpreter can be a rewarding experience for anyone who has a gift when it comes to languages. The development of globalisation and ongoing technological advances means more and more companies are crossing boundaries and dealing with one another internationally. Many others are looking to market their goods and services to consumers based abroad rather than just in their home countries. This means a potentially larger market for a professional translator, but although some attractive jobs may be on offer, it could make sense to ensure the right translator professional insurance policy is in place before taking on work.
As a hired consultant, a translator is expected to provide an expert service and to get things right, particularly when it comes to important business meetings. This means even a simple mistake can prove costly for all the parties involved, creating a significant legal risk. A translator professional insurance policy which includes professional indemnity provides a degree of law-related cover in that it will pay the policyholder’s legal costs if they do face an unfortunate claim.
The normal qualification requirement for cover is that the mistake or act of negligence is made unintentionally and in the normal course of the translator’s regular business. Some policies will pay legal bills up to a very high amount, possibly running into the hundreds of thousands, while others are more modest, depending on what is needed.
Indemnity Insurance of this type will also normally even pay out any compensation which is awarded to the complainant, again up to certain limits. All this might sound quite serious and foreboding, and although disputes remain relatively rare, they can be highly stressful and expensive if they result in a court case. This is why most professionals at least consider taking out their own professional insurance.
A translator professional insurance policy will also include, in many cases, protection if a translator happens to be sued for libel after accidentally defaming someone, and cover in case someone is accused of breach of copyright or confidence. Retroactive cover and run off cover can also be arranged for anyone changing insurer, transferring to a new career, or simply retiring.