The Linguist is a languages magazine for professional linguists, translators, interpreters, language professionals, language teachers, trainers, students and academics with articles on translation, interpreting, business, government, technology
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with confidence. Premiums for PII are connected to the amount of cover required. In certain circumstances, the cost can be minimal and can provide protection from a potential legal bill that could cripple a small business. PII typically comes with a limit that you can set yourself, depending on the size of your business and your clients. It is considered wise to carry at least double your annual income or turnover, and ideally triple or more. You should be comfortable that, even if the worst possible error or omission arises in your work, you have sufficient cover for the largest direct financial loss a customer could suffer. Deal for CIOL members The CIOL Advantage Professional Indemnity Insurance scheme has been arranged in conjunction with Trafalgar Risk Management (TRM) and Parliament Hill Ltd, and is backed by the following price promise*: • Highly competitive rates. • Get a quote in less than two minutes. • A simple application process. • Options for Employers and Public Liability (only available in conjunction with PII). Visit www.iolpi.com for further details. * Full policy wording and summary located online – print your own documents. Terms and conditions apply. See website for details. Insurance is subject to underwriting. Price promise: a written quotation must be supplied by way of proof. This quotation must be on a like-for-like basis. It should be presented either before purchase or within 14 days of purchase. Vol/53 No/5 2014 OCTOBER/NOVEMBER The Linguist 15 FEATURES Robert Williams of Parliament Hill Ltd explains the benefits of professional indemnity insurance for linguists Turning a talent for languages into a profession requires dedication and hard work, but linguists also run certain legal risks, because of their role in interpreting what others have said or written. Even small mistakes could end up costing a client money. Although they may be totally confident in their ability, most of those operating on a professional level opt for a form of professional indemnity insurance (PII). Such insurance is taken out by individuals or businesses that offer advice or specialist services to clients. With all the practice and experience in the world, mistakes are still possible in a translator's day-to-day job. One misinterpreted word could lead to the breakdown of a deal, for example, and that could mean lost money for the client. Or a translation error could lead to a company signing a contract they may not have signed had the paragraphs been translated correctly. PII is designed to protect experts in such circumstances. It protects against legal action alleging financial loss as a result of a negligent act, error or omission. It will typically cover the legal costs of defending a case and even cover any damages awarded to a claimant, subject to certain limits. Sometimes an allegation never makes it to court, or may not have sufficient merit to succeed, however it can still cost thousands of pounds to make the allegation go away or clear your good name, so it is vital that legal fees and defence costs are covered. A policy will give further protection, such as against the loss or damage of important business documents and the accidental infringement of intellectual property rights, and can also guard against an individual inadvertently committing libel, slander or defamation. It will often also protect against someone committing an accidental breach of confidential duty. The policy should ideally include a 'retroactive' feature, which covers against any claim that may arise in relation to an event that took place before the start of the policy, as long as you were unaware that such an 'event' was likely to happen at the time of buying the policy. If you are aware of a possible future action you must declare this to the insurers. They can still offer cover for all other events, but would naturally not be able to cover this known-about situation. When the time comes to hang up their translation tools, many people arrange for 'run off' cover, which protects a person for a period after they retire or cease trading. Professional indemnity insurance can provide effective and lasting peace of mind, allowing translators to carry out their duties Get protected © ISTOCkPHOTO The CIOL Advantage Professional Indemnity Price Promise: If you can find the same cover for less within 14 days, TRM will try their best to match the price and Parliament Hill will give you a cheque for £25!