Changing jobs? Insurance issues to consider.

Auto

If you will be using your own vehicle for business purposes or transporting clients, you need to be clear if your personal insurance or your employer’s business insurance will cover your liability if an accident occurs. Also, if you are significantly shortening your commute or taking public transportation regularly, you may qualify for discounts.  If you get a company car, it can impact coverage needs.

Home

If your new job means working from home and you are provided with office equipment, the company’s insurance should cover those items.  However, if you are a consultant or self-employed, or meet clients or vendors in your home, a standard home policy does not cover business activities and business equipment. If a business is run out of a garage or other building on your property, you definitely need additional coverage.

Life

Your family depends on your income, so they need protection.  If you had employer provided group life insurance through your previous employer, be sure to determine if your new employer offers such a plan.  If you had purchased additional coverage through the group plan, determine if you can convert it into an individual policy.  It’s wise to consider getting your own coverage that will always remain in place and regardless of where you work.

Disability

Another income protection concern is… what happens if you are injured or become ill and cannot work either temporarily or permanently?  Disability insurance covers a portion of your salary often up to 70%.  Discuss with your employer if they offer this protection and if so how much.  Depending on what they offer, you may want to purchase your own individual policy for better protection.

Retirement

Do you have a 401(k) plan or other type of retirement plan? It’s important to know what accounts are portable and determine if you need to make any moves. Depending on the circumstances, it may make sense to roll your account into another retirement for safety or better investment options.