A translator is a professional involved in taking any written language and translating it into another written language. The key is to preserve the meaning so that the person reading the new text understands it like they were reading the original. Unfortunately, a lot of meaning can get lost in translation due to cultural differences or colloquialisms, so it is vital to do this job with patience and precision.
Even then, mistakes can happen, which cost the buyer a lot of financial damage, or even physical accidents that harm the third party. Translator insurance can decrease these costs so that they do not affect the budget of the translator.
If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
Types of Translator Insurance
Translator insurance can vary, but there are some general covers that every translator company should consider.
Professional indemnity insurance
Professional indemnity insurance is widely-used insurance for translators because it covers any mistakes made in translation that negatively affect the client. Whilst some people use translation services for little scripts, there are a lot of clients who rely on this industry to give them a wholly accurate and mistake-proof translation because they will use it for something serious.
Examples could mean they need a translation service for publishing their book into a different language, documents used for court, a thesis for university or a text at the airport. Understandably, if an error is made, it could cost the client significant financial loss and undoubtedly stress because the people reading their badly-written translation would no longer take them seriously, which could cost them their reputation. Even worse, if this was used for court or an airport, their requests could very possibly be denied.
This would, in turn, make the translation company liable for reimbursing their monetary loss as well as possibly facing a lawsuit. Professional indemnity insurance can cover all of these scenarios.
Public liability insurance
Public liability insurance is utilized when there are claims of physical injury or destruction of property made by a third party, like the client or a general public member. As a translation agency usually has a building or office dedicated for their employees to work in, there is a chance a person can be hurt as a result. Similarly, workers can unintentionally damage a client’s property, requiring the said client to be compensated.
For instance, a client has to book an appointment to come into the office, give the translator their copy of the article or document, explain how they want the process to be done, and iron out any details. In addition, they have to pay for this service. If they were in the building and a co-worker rushing around knocked into them and spilled water over the client’s phone, they would be responsible for replacing the property they destroyed.
In the same way, if the client then went to leave the office and fell over the spilt water, they may require medical attention. Public liability insurance would cover both of these costs.
Business building and contents insurance
Business building and contents insurance can be obtained separately. Still, it is best to find an insurer that offers them as a whole package for comprehensive cover, therefore making the premium cheaper and the policy more inclusive. As suggested by the name, buildings insurance covers the infrastructure and fittings of the property. Depending on the agency’s size could be anything from an office to a few buildings. The number of properties influences the quoted price given by an insurer.
It is a risker for an insurance company to insure multiple buildings as a claim is higher. Generally, the policy covers fires, floods, storms, earthquakes and vandalism that damage the building and need immediate repair; however, if everything is damaged, this may take time. Alternate accommodation is an additional policy offered by some insurers that allow the agency to continue operating at a different location until the original is fixed so that there is no loss in revenue and the translation company does not lose work or clients.
Likewise, contents insurance protects the furniture and belongings inside the building should they be destroyed in the same event, as it is no use having an office if there is no chair for the customer to sit or desk at which to work. Electronic devices like computers are also insured under this cover, which is vital as most modern translators work digitally and correspond with their clients over the phone, making it impossible to perform services without a computer.
In conclusion, translators must have insurance to protect them from lawsuits, claims of physical injury, or even unpredictable natural disasters that threaten the future success of their business. All of these events are expensive to deal with, so having insurance makes the process easier and cheaper.
Find out more about the importance of insurance here.
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