Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Why do Translators or Interpreters need insurance?
Translators or Interpreters need insurance as this protects the business from the many risks that it could face. This is especially important because you provide professional advice through translating a document or statement to the language your client prefers. Any mistake or anything lost in translation could be disastrous to your client, and they could sue you for it. When that happens, your insurance will pay the cost of defense and court fees, so you don't have to.
What risks do Translators and Interpreters face?
Below are some common risks translators and interpreters could face:
How much does Interpreter and Translator Insurance cost?
The cost of insurance for translators varies as insurance companies assess this based on the size of your business, the number of employees you have, and the coverage your business needs. If you want to find out the cost of your insurance fast, apply online and receive a free quote in minutes.