With the changing marketplace that seems to move in multiple directions by the minute in our 24/7 consumer driven marketplace, considering career insurance just like any other insurance should be part of your life risk management plan. Career insurance comes down to having a contingency plan and specific additional income stream(s), (3-6 months of emergency cash on hand as well) to protect in the event of a loss of employment. Don’t get caught in a panic state, in the event of a job loss.  Consider the pros and cons of a side business that “ you own”, compared to your employer owning you. Jack Welch’s famous quote states it perfectly, “Control Your Own Destiny or Someone Else Will”.

Side gig – If you are an employee and not an owner of a business – consider the negative ramifications of losing your job.   The typical scenario by so many is to start sending Linked In resumes and online resumes all over the place. This never leads to long-term success because there are so many individuals doing the same thing.   There are so many opportunities today to incorporate a small side business related to personal passions to generate income.  With the use of the Internet, there are numerous opportunities to build a business without extensive financial commitment.

It’s not too difficult to hold down a job and start a side business. This option provides some security before making a big jump to the risks of owning your own business. Determine what your exact net after tax income requirements are to cover your expenses. You might be surprised that it’s not near as much as you thought.

Even if you don’t view yourself as a business owner and entrepreneur, consider what it might take to build some protection to your career in the event of the layoff or loss of full time employment (from your employer).

Two Additional Career Insurance Protection Components

1. Strong Network – Building and more importantly maintaining key connections with a network is imperative to the career insurance process. Networking is about building solid relationships over time and helping others. Look at your network and build a diversified background list of people. The wider the range of backgrounds the better.

2. Your Brand – Building your brand every day will make you more valuable to the marketplace. Consider what you offer to your employer with your skills and continue to see what skill set you can enhance. Invest In Yourself!

Is this easy? – Absolutely Not, but no “job” is secure today!

Just like the investment philosophy “don’t throw all your eggs in one basket” and diversify, consider the same related to your career.

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