Professional Indemnity Insurance
If you want to operate as a translator or interpreter you are recommended to take out professional indemnity insurance.
What is professional indemnity insurance?
Professional indemnity insurance is an insurance to protect providers of professional services. It protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent.
Professional indemnity insurance will cover you if you make a mistake in the translation or interpreting services you provide that leads to a dispute with a client. It will also cover the cost of fixing the mistake and covers you if you lose or damage any clients' documents in your care.
The level of indemnity cover that you require as an individual would depend on your annual 'estimated' turnover.
Why do I need to be covered?
Think of the far-reaching consequences to a business of an error being made in the translation of an important business contract?
Or the significance of a word being misinterpreted in a key business negotiation?
In a world of increasing litigation, it is important to protect yourself.
One way of looking at Professional Indemnity Insurance would be to compare it to driving a car without car insurance. You hope never to have an accident, but should the unthinkable occur and a mistake is made, with professional indemnity insurance are at least covered financially.
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