Professional indemnity insurance
Thread poster: CDenisot

CDenisot
United Kingdom
Local time: 10:40
English to French
+ ...
Jun 29, 2010

Hello!
I am looking into getting professional indemnity insurance but am a bit at a loss as to the level of cover I should get (£250,000/500,000, a million??)
Can some of you who have looked into this issue or is covered give me any advice on this matter or how/which criteria they used to decide on the level of cover?
Many thanks in advance for your help.

Best regards,
Céline


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Gudrun Wolfrath  Identity Verified
Germany
Local time: 11:40
English to German
+ ...
Hello CDenisot Jun 30, 2010

I think it depends on the kind of translations you do.
That is to say: how much damage could you cause? How high is the risk in case of default?


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Buck
Netherlands
Local time: 11:40
Dutch to English
The sky is the limit Jun 30, 2010

Hi. I have cover up to € 1 million, which should cover any claims that may be lodged against me as a translator.

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CDenisot
United Kingdom
Local time: 10:40
English to French
+ ...
TOPIC STARTER
...and the price? Jun 30, 2010

Thanks a lot for your reply. Would you mind telling me how much you pay per year for such a cover? I get very different quotes from different insurers and am really unsure as to what I should choose... I see you are based in the Netherlands but I would have thought it should not be too dissimilar from UK prices anyway

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Johanna Timm, PhD  Identity Verified
Canada
Local time: 02:40
Member (2002)
English to German
+ ...
professional association membership benefit Jun 30, 2010

I pay C$133.00 per year for C$1,000.000 coverage. This is the rate negotiated for members of our provincial Canadian translators’ association, in my case the STIBC. If you are a member of a translators’ association, check out the benefits associated with your membership.
I also get special rates in two local hotels, and can – as independent contractor and STIBC member – arrange for extended health and dental benefits through a broker.

Hope this helps,
johanna


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LEXpert  Identity Verified
United States
Local time: 04:40
Member (2008)
Croatian to English
+ ...
Not only damages but also legal costs Jul 1, 2010

Gudrun Wolfrath wrote:

I think it depends on the kind of translations you do.
That is to say: how much damage could you cause? How high is the risk in case of default?



True enough, but it is important to note that while the liability for damages might be limited for certain fields, that still doesn't prevent somebody somebody from filing a frivolous lawsuit against you and causing you to incur thousands of dollars (or possibly much more) in legal costs, which liability insurance should generally cover as well. Another consideration frequently given short shrift by the "I don't need liability insurance because I no/few assets" crowd.


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Michael Wetzel  Identity Verified
Germany
Local time: 11:40
German to English
See what the ITI suggests Jul 1, 2010

Like Johanna, I would suggest taking a look at the policies offered in cooperation with national/regional professional organizations - even if you are not a member.

I couldn't find anything during a quick look at the ITI homepage, but the following insurer states on its site that it has a special affiliation with ITI:
http://www.m-f-l.co.uk/default.asp?contentid=52

If you're an ITI-member, follow the instructions. If not, check that the insurer really is affiliated with the ITI and then send them an e-mail or call them to explain your situation and see if they have a reasonable policy for non-members.

Hope that helps,
Michael


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