Translators Insurance in Singapore

Consultants should have the following covers to adequately protect themselves:

Professional Indemnity Insurance: The most important coverage that translators need is Professional Indemnity Insurance. Translators are exposed to significant liability from their work. It’s easy to make mistakes while translating between different languages. Clients can sue you if you make errors while translating documents, and these errors cause them to suffer losses. Professional Indemnity Insurance would pay for lawyer’s fees and court damages or settlement costs, which can be very expensive to bear without insurance.

Cyber Insurance: This is a another very useful coverage for translators. Translators often have access to private and sensitive documents. Examples include IPO prospectuses, company memorandums, books, magazines, and all other kinds of confidential data. Cyber Insurance is thus critical to protect you from liability if you get hit by a cyber breach, and this data gets leaked. It also covers you in case you lose all your translated documents, and have to pay someone to recover the data for you. 

Commercial Property Insurance: If you have an office space, you should protect it against major risks like fire and water damage. A Commercial Property policy can protect your computers, electronic equipment, files, and other contents from physical damage. 

Public Liability Insurance: If you travel to meet clients, or have clients visiting you in your office, then Public Liability Insurance is a good idea. This covers you in case you accidentally injure someone else, or damage someone else’s property. Common examples include clients slipping and falling in your office – say, due to a puddle that you negligently left on the floor after mopping it. Public Liability Insurance pays for lawyer’s fees and settlement/damage costs for such cases.

Work Injury Compensation Insurance (WICA Insurance): Work Injury Compensation Insurance coversyour employees if they suffer work-related injuries and illnesses, including Covid-19 infections. By law, all employers must have Work Injury Compensation insurance for all employees who earn $2,600/month or less, and for all manual workers.

Business Interruption Insurance: This compensates you for lost business income if you can’t operate your translation business, due to covered risks. For instance, if your office suffers a fire, you will suffer two types of losses: i) loss of computers, renovations, and other office contents, and ii) lost business income while the office is out of commission.