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Professional Indemnity Insurance - What to choose?
Thread poster: ACMTRAD
ACMTRAD  Identity Verified
Spain
Local time: 07:59
Member (2003)
English to Spanish
Feb 5, 2004

Hi, I am a UK-based freelance translator established a few motnhs ago.

I want to get a Professional Indemnity Insurance (E&O), but I am not sure about the limit of indemnity I should choose.

So far, my turnover has not been great, and I do not know to what extent that affects to the limit of indemnity.

Could anyone tell me what the average limit od indemnity I should get.

Is it £100,000 not enough, or too much? I am really confused with this

Many thanks in advance

Alvaro


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Johanna Timm, PhD  Identity Verified
Canada
Local time: 22:59
Member (2002)
English to German
+ ...
Become a member in a professional translators' organization! Feb 5, 2004

Professional translators' organization often have arranged special deals with insurance companies offering E&O, so it would be worth your while to inquire and purchase a membership. As an example, I pay a modest $120.00 per year for a coverage of $2,000,000 per loss period and $1,000,000 per loss, with a deductible $ 500.00 per loss.
Hope this helps!
johanna


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ACMTRAD  Identity Verified
Spain
Local time: 07:59
Member (2003)
English to Spanish
TOPIC STARTER
Thanks! Feb 5, 2004

Dear Johanna

Thanks a lot for your help

It is cheaper than I expected and I think it is worth considering

Again, thanks a lot and all the best

Alvaro


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Dr Andrew Read  Identity Verified
United Kingdom
Local time: 06:59
Member (2004)
German to English
+ ...
Join the ITI - by far the cheapest UK option! Feb 8, 2004

Hi

I am in a similar position to you as I set up as a freelancer just a few months ago in the UK and was worried about insurance.

I found some links to different professional indemnity insurers on one of the regional translators' association sites (I can't remember which) and gave all of them a call for a quote.

All were very expensive (maybe £300-£500 for a decent rate of cover), until I called the one in Manchester that works with ITI. They said that if I join the ITI (even as an Associate Member) then I can join the ITI's annual scheme, for which they provide the cover - this works out at only about £130 for one year's cover up to £250,000 (this seems to be a standard level of reasonable cover). Also, if you join the scheme part-way through the year, you only pay part of this amount. This therefore works out as much less than the cost of any other scheme, even taking account of membership costs.

So having done all the research, I'm 100% sure that's the best option for us in the UK. The only problem is that the ITI seem to be rather slow in processing memberships (up to 8 weeks or so), and you cannot apply for the insurance until you've been accepted as a member.

Hope this helps!


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Hilary Davies Shelby
United States
Local time: 00:59
German to English
Thanks Andrew! Feb 8, 2004

That's very helpful! Would you mind emailing me the name of the insurance provider (or are you allowed to post it here?), or can I get it from the ITI? (I emailed them a couple of weeks ago to ask about insurance and apparently they are slow about emails too)
Thanks a lot!

Hilary


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ACMTRAD  Identity Verified
Spain
Local time: 07:59
Member (2003)
English to Spanish
TOPIC STARTER
Thank you Andrew! Feb 9, 2004

Thanks a lot Andrew! I think joining the ITI is probably the best option.

I asked for a couple of quotes and to have a cover worth £250,000 I would have to pay near £500/year, which I think is a lot.


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Dr Andrew Read  Identity Verified
United Kingdom
Local time: 06:59
Member (2004)
German to English
+ ...
ITI's insurance broker Feb 9, 2004

Hilary Davies wrote:

That's very helpful! Would you mind emailing me the name of the insurance provider (or are you allowed to post it here?), or can I get it from the ITI? (I emailed them a couple of weeks ago to ask about insurance and apparently they are slow about emails too)
Thanks a lot!

Hilary


Hi Hilary,

The provider is:
MFL Professional Partnerships
Scheme co-ordinator: Amie Talbot
Direct line: 0161-237 7730
Email: AmieT@m-f-l.co.uk

However, note that you can't get the cheap rates directly from them. You have to join the ITI, wait till you get your membership approved, then return the special insurance forms and remittance to ITI themselves.

For assoc members, the annual cost of £250k's worth of cover is currently only £133.88, and like I say, you only pay a proportion if you join part way through. But by the time all the forms are processed, next year's scheme will probably be starting (running from 1 May).

Hope this helps you and others!

Further note:

Just a thought - if you're desperate for cover right away, you could ask the broker if they'll insure you at a non-ITI rate for just a few months till the membership comes through.

[Edited at 2004-02-09 17:42]


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