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Employment Change

Many people obtain certain kinds of insurance through their employment, particularly health and disability coverage. Larger businesses may also offer retirement benefits, such as a 401(k) account. When changing jobs, rearranging coverage and finding out which accounts are portable becomes very important. A new job can also mean a change in lifestyle, which can also have an impact on insurance.

If changing jobs creates a change in the number of miles and where you drive, let the insurance company know. For example, if the old job involved driving a lengthy distance to work and the new job is closer to home and family, you may be able to save money on your auto insurance policy. If you take public transportation and only use your car for pleasure trips on weekends, that matters, too. On the other hand, if you use your private vehicle for business purposes, check with your employer about liability coverage. If you are in an accident, you should be clear whether liability coverage applies to your personal insurance or your employer’s commercial coverage. Many of us try to increase our productivity by making business calls while driving. It’s important to know if your employer has a policy regarding cell phone use in your private car, and whether they consider that business-related or personal time. States are increasingly encouraging or mandating the use of hands-free technology while driving. And, of course, keep track of your usage and expenses for tax purposes. Your auto coverage also comes into play when renting a car. If renting for business purposes, your employer may already have a policy in place. If you decline coverage offered at the rental car counter, your personal auto policy may pay for any damage to the rental car. Check with your insurance company or agent. Your credit cards may also provide basic rental car protection.

A change of jobs might mean you can work at home. Some companies now allow flexible working schedules. Your employer may also provide some office equipment such as a laptop or fax machine. Your employer’s insurance should cover these items. Standard homeowner’s insurance does not cover commercial business activity. If you are self-employed or do consulting or out-sourced work for a company, you may need your own professional liability coverage. If clients and vendors come to your home, you may need to buy a home business or small businessowners policy.

**Information provided by The Insurance Information Institute: www.iii.org**
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