What risks does your interpreter practice face?
Suppose you’re translating for a business executive speaking with a potential foreign business partner. If you mishear what your client said, and your translation is, therefore, incorrect, it could create confusion or offence to the foreign business partner. Now imagine, your improper translation resulted in the loss of the business deal. Or, even if your client believes your error or omission caused the deal to fall flat, they may sue you for a significant amount. Cases like this are where interpreters may find business risks. Insurance protects against these scenarios. Professional liability insurance, specifically, can pay for the costs related to a lawsuit arising from a perceived or actual inadequate provision of services. This means you don’t need to worry about the financial consequences of being sued if an error or omission occurs.
Risks can also occur if clients visit your office. Suppose someone comes in for a consultation, but they slip on a wet floor on their way to the door. If they injure themselves or their property, it could result in a lawsuit against your business because their injury occurred on your premises. Other office-related risks could arise if your space faces a flood, fire, burglary, or other unfortunate circumstances. Your property, such as laptops, cellphones, and furniture, could be stolen or ruined. These are all risks that insurance could protect against.