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Professional Indemnity Insurance
If you want to operate at a serious level as any kind of language professional then 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.
The level of indemnity cover that you require as an individual would depend on your annual 'estimated' turnover.
As a general guide, somebody starting out as a freelance translator would expect to pay something in the region of £130.00 (approximately) for a year, providing them with up to £100,000 of cover.
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 if should the unthinkable occur and a mistake is made, you are at least covered financially.
 Back to Private Providers
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Survey of Language and Cultural Service Providers 2005.
Key Findings:
*Financial, IT and legal sectors currently provide language professionals with the most work.
*There is an increase in demand for translation services.
*There is growing demand for cultural training services.
*Demand for Chinese, Russian, Arabic and Japanese is growing.
*The language services sector is dominated by small companies and sole traders.
This survey, carried out by CILT, the National Centre for languages is now available to download (pdf 88KB).
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