Congrats on the new lens.
The hood's primary function is to reduce glare and lens flare when shooting in direct sunlight. It is designed to eliminate it in almost every case outside of shooting into directly into the sun. It also serves as a barrier to protect the front lens element when moving around with the camera. I only take mine off when it will interfere with flash or when shooting indoors in situations where it makes the lens more conspicuous, or when I need to get the front element close to, say, a window or screen.