What is the best approach to ensure that your bond and insurance are current?

The best approach to ensure that your bond and insurance are current involves reviewing your bond and insurance policies before each bid is prepared. This practice allows you to verify that your coverage is up to date and meets the requirements for the projects you are bidding on. By doing so, you can identify any potential lapses in coverage or the need for additional bonding, ensuring compliance with contractual obligations and protecting yourself from financial risks associated with unanticipated events during the project.

Additionally, preparing for each bid with a current understanding of your insurance and bonding can help you accurately calculate costs and provide the necessary documentation required by clients or regulatory bodies. This proactive approach minimizes the risk of disqualification from a bid due to inadequate coverage or the absence of necessary bonds.