Business Insurance
Thread poster: Caroline Moreno
Caroline Moreno  Identity Verified
United States
Local time: 11:54
Chinese to English
+ ...
Dec 12, 2007

I would like to get some kind of insurance since some of my clients would hold me legally responsible for possible errors in my translation. While we all try to do our best, let's face it, mistakes happen.

What kind of insurance should I get and how do I know how much I need? One in-house client I worked with required all independent contractors to have $1 million USD in insurance before they would even consider contracting with them. Is this reasonable?

What kind of things should this kind of insurance cover? Thanks in advance for your advice!


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xxxJPW  Identity Verified
Local time: 19:54
Spanish to English
+ ...
RE: Insurance Dec 12, 2007

Hi Caroline:

I am not sure what it is called in the U.S. (with a bit of luck it'll be something similar) - but here in the UK and Ireland it is known as professional indemnity insurance; a million dollars (or, in 'real' money - ahem) is about half a million pounds sterling and seems to me quite high.

BUT, you never know, if or when you ask for quotes, it may turn out to be a standard number in these sorts of transaction.

HTH.


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The Misha
Local time: 14:54
Russian to English
+ ...
Just drop the client Dec 12, 2007

From what I know, this is not an accepted practice in the US and you will probably find it hard enough to find an insurer for this kind of risk, for an obvious reason that there is pretty much no objective criteria to define the loss. Not to mention, that the client should not hold you liable beyond any amounts due you. Drop the client and move on - but not before you let them know that they are way out of line.

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mystymy
Local time: 14:54
Spanish to English
+ ...
ATA carries this insurance Dec 12, 2007

Please check the ATA website or the Chronicle. This type of insurance is a benefit of membership. Usually companies carry this but some individuals do as well. The amount they are asking though is EXTREMELY HIGH. Unless you plan to do a huge amount of business with them I would pass, but that is your decision. Check with the provider of your coverage (or potential coverage). on the amount.

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Caroline Moreno  Identity Verified
United States
Local time: 11:54
Chinese to English
+ ...
TOPIC STARTER
Thanks Dec 13, 2007

...but the ATA does not test for my language pair (Chinese-English) and has no plans to add this pair although I have asked them to. Anyway, I'm not an ATA member so that's not an option. I'm also wondering if carrying this is sort of insurance is kind of a normal business practice for corporations. Any more detailed advice is appreciated!

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Maria Ramon  Identity Verified
United States
Local time: 13:54
Dutch to English
+ ...
Translator's Insurance Jan 22, 2008

The one kind of insurance a translator could have is the one called: "errors and omissions insurance", which most carriers have.
I believe you can get insured for 1 million or less.

I think this kind if insurance would be a good idea if you contract with an agency, just in case one of their clients sues them for any perceived mistake that "cost" them.

I only now read this post; I have become a member a couple of days ago, and even if it is more than a month later, this information may still be of value.

Maria


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Caroline Moreno  Identity Verified
United States
Local time: 11:54
Chinese to English
+ ...
TOPIC STARTER
Thanks Maria Jan 24, 2008

That information is helpful.

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