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How often should a contractor prequalification be done?
As a contractor, it's essential to take proactive steps towards ensuring your company is in compliance with industry regulations. One of the best ways to do this is by completing a contractor prequalification process on a regular basis. But how often should contractors be doing this?
At its core, contractor prequalification helps protect both you and your clients from hidden risks. It allows you to identify potential liabilities upfront and make the process of vetting more efficient and streamlined. There are various factors that can determine how often contractors need to submit their prequalification such as regulation changes, geographies serviced, or services expanded upon. Ideally, most contractors should aim to do so once every year or two. This will ensure you are meeting the needs of regulatory bodies, remain up-to-date on current regulations applicable to each geography, and maintain accurate records for potential customers.
Overall, contractor prequalification is an important part of staying compliant as an independent contractor and should be taken seriously! By investing time into researching what requirements apply to you as well as setting recurring tasks in you calendar can help keep yourself up-to-date. Knowing when and how often should contractors do a contractor prequalification process can help smooth out the entire process along with having happy clients at the end!