What is Professional Indemnity Insurance?

This is an insurance policy which you are recommended to take out if you are operating at a serious level as a language provider of any description. 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.

 

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