Translator Insurance

As a translator, your job is to help your clients overcome cultural and language barriers. But the important work you do isn’t without risk. If you are a translator or interpreter or you operate a translator business, translator insurance is of the utmost importance. This specialty type of commercial insurance can safeguard your business from all kinds of risks. Read on to learn more about the risks translators face and how ALIGNED can help you find a policy that protects against them. 

Translator Insurance
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Why do translators need insurance?

Translators need insurance because they face risks just like any other business. Beyond the day-to-day risks of operating any business, such as general liability claims or property damage, interpreters face additional risks relating to their line of business. For example, an interpreter could provide the wrong translation to a client and cause harm including emotional distress and/or financial loss. In such an instance, the client could sue your business. Without translator insurance, you would be left to pay for the costs of a lawsuit on your own, and this could have serious financial ramifications, such as bankruptcy. 

Common risks translators face

To better understand why translators need insurance, let’s dive into some of the common risks that they face. The first is a situation where a translator mishears what a client says, leading them to provide an incorrect translation. The incorrect translation in turn causes confusion or even offence to the other party. While this might not seem like a big deal, depending on the circumstances and specifics of what the translator relayed, it could have serious consequences, like the loss of a major business deal. If this happens, your client could sue you for negligence. But if you have translator insurance with professional liability coverage, your insurance provider could help cover the costs of the lawsuit.   

Another common risk that translators may face is a client visiting your office, slipping on a wet floor in your lobby, and injuring themselves. Subsequently, they may decide to sue you for bodily injury. Luckily, commercial general liability coverage could help protect you from such losses. Further, a fire could break out in your translator’s office that damages the physical space, as well as furniture or electronics. Rather than having to pay the cost of repairs out of pocket, your translator insurance might cover it if you purchased commercial property coverage with fire as an insured peril. 

Insurance coverage highlights for translators 

Every translator business is different, but we generally recommend that interpreters purchase commercial insurance coverage containing the following:  

  • Professional liability insurance: Professional liability insurance, also known as errors and omissions insurance, might be important for translators as it can pay for legal fees (e.g. defence costs, settlements) and more if a claim of negligence, error, omission, misconduct, or failure to deliver an advertised service is brought against you or your business for financial loss, regardless of the lawsuit’s outcome. 
  • Commercial general liability insurance: Commercial general liability insurance, sometimes referred to as “slip-and-fall insurance,” protects against the day-to-day risks that come with operating a business. For example, if a client slips and falls while in your office, they could sue you. With this type of coverage, your business may be compensated in the event of a third party property damage or bodily injury claim. Specifically, your insurer may cover the cost of medical expenses, repair bills, legal fees, etc. up to the policy limit. 
  • Commercial property insurance: Protect your translator’s office and its business-related contents against unforeseen circumstances like theft, vandalism, fire, water damage, etc. with commercial property insurance. When you add commercial property coverage to your commercial insurance policy, your insurance provider may pay for repairs or replacements in the event of loss or damage caused by an insured peril.
  • Cyber liability insurance: If your translation business stores confidential information online, then cyber liability insurance is important. With cyber liability coverage, if a hacker breaches your system and steals important data, your insurance provider may help cover the associated costs, which could include credit monitoring, crisis control, patient notification, and more.

Calculating the cost of insurance for translators and interpreters 

The cost of insurance for professional translators and interpreters varies widely since insurance providers consider many factors when calculating premiums. Interpreters or owners of translator businesses might find it interesting to know which factors can influence their rate, so we have compiled a list of them below:  

  • The size and location of your translation business
  • The number of employees in your translation business
  • The annual and project revenue of your translation business
  • Your insurance claims history
  • The specific programs or services offered by your translation business
  • Your years of experience and training in the field, and that of your employees
  • The coverage types, limits, and policy deductibles you choose

As you can see, there are many factors used to calculate the cost of translator insurance. For this reason, it’s difficult to provide an average cost. But if you get in touch with ALIGNED and speak with one of our brokers about your unique insurance needs, we would be pleased to provide an estimate that gives you a better idea of the cost. 

Please note that while insurance brokers like those at ALIGNED can help you shop around and find a translator insurance policy at a competitive price, we do not set premiums. Rather, insurance premiums are set by insurance companies. That said, an insurance broker at ALIGNED can still help you find a great policy, unlock discounts, compare rates, and even explain the process of modifying a future policy or filing a claim. 

What to consider before purchasing translator insurance

We recommend considering the following factors before buying commercial insurance for your translation business. 

  • Coverage: It is up to each translation business to decide what coverage they want to include with their insurance policy. To identify this, you will need to consider the most common risks translators face, some of which are mentioned above. We typically recommend that all translators purchase insurance that features a mix of commercial general liability insurance, professional liability insurance, and commercial property insurance. However, other coverages, like cyber liability insurance, may also be important.
  • Cost: Another key consideration when purchasing any type of insurance is the cost. Finding a commercial insurance policy within your translation business’s budget is key. If you want to avoid overspending on a translator insurance policy, contact ALIGNED. We can shop around and compare rates on your behalf to find you a great policy at an affordable price. 
  • Insurance broker vs. insurance company: Lastly, before purchasing translator insurance, you will need to decide where you want to purchase it from. The two most common options are an insurance company or an insurance broker. While both come with pros and cons, many businesses prefer to buy insurance through a broker owing to the time and money that you can save by doing so.

Get ALIGNED with translator insurance you can count on

If you’re looking for comprehensive translator insurance, contact ALIGNED  today. Our team of fully licensed, commercial insurance experts is available to help you find a policy that protects your translation business. Ready to get started? Give us a call to speak directly with an ALIGNED insurance broker today or click here for a free quote.

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