Imagine you working for a high level dignitary, wealthy businessman or a CEO, translating the speeches in different languages. The work is rewarding, unique and extremely vital. Should the meaning of the translated document change or not bring out all the details, there can be massive loss to the client. In such a situation many clients can take the translator to court. Compensation claims can be brought up against the translator. In case you are in the business of translation, you should safeguard yourself against such unexpected financial losses due to the mistake of any employee. Translator indemnity insurance provides the peace of mind that will allow you to focus on the document rather than about making mistakes.
When you are dealing with the information from the client, involved in the exchange of information and handling documents, it is imperative that you have insurance. Translator indemnity insurance gives you the necessary security against acts such as errors, misjudgments, oversight, while translating the documents. This insurance also gives protection against the possible loss of documents or data that you may be handling for the client. In certain cases, anything that you say or write to the outside world can be stretched to being branded as defamation (slander and libel). Though you would never do the mistakes intentionally, or mean any harm to your client. However, even to prove this you need to fight your just case in court of law, which can be expensive.
The translator indemnity insurance covers you from the undue claims made against you for the mistake made professionally. In case the claims are justified the insurance company would pay out the amount, if within the prescribed limits. Further if the case reaches the court, the legal expenses are covered. Finally, if the award is not in your favor and you have to pay a certain amount, it is covered under the insurance cover. Therefore, this insurance is like investment made for the bad times, especially in the professional arena. Most of the professions make it mandatory to have professional indemnity insurance in order to cover for such risks.
While taking the translator indemnity insurance you must disclose all the details about the work you do, the contract size, the clients etc. Be sure to mention if there were any claims made against you in the past. The extent of cover and the premiums would depend upon the information provided. The claims payment would also be contingent on the information furnished at the time of proposal. Make sure that you read the policy documents of the insurance, especially the exclusions and the limitations.