What is the best way to ensure your bond and insurance are up to date?

What is the best way to ensure your bond and insurance are up to date?

• A. Review your bond and insurance policies before each bid is prepared
• B. Renew them only at license renewal
• C. Review them after the bid is won
• D. Let policies lapse and renew when necessary

Answer: (A)

Reviewing your bond and insurance before you prepare each bid keeps your coverage current and ready to show, which is essential for lawful bidding and project fulfillment. If the bond is active and the policies have the correct limits and named insured, you can submit accurate documentation when required and avoid disqualification or delays caused by expired or insufficient coverage. Waiting to check after you win the bid or renewing only at license renewal can create gaps that leave you unable to bid or perform, and letting policies lapse is risky and often illegal for bidding and contracting. Proactive coordination with your broker to maintain certificates of insurance and a valid bond ensures you can bid confidently and meet all coverage requirements if you win.

Reviewing your bond and insurance before you prepare each bid keeps your coverage current and ready to show, which is essential for lawful bidding and project fulfillment. If the bond is active and the policies have the correct limits and named insured, you can submit accurate documentation when required and avoid disqualification or delays caused by expired or insufficient coverage. Waiting to check after you win the bid or renewing only at license renewal can create gaps that leave you unable to bid or perform, and letting policies lapse is risky and often illegal for bidding and contracting. Proactive coordination with your broker to maintain certificates of insurance and a valid bond ensures you can bid confidently and meet all coverage requirements if you win.