How often must your insurance or bond be renewed?

Insurance or bond renewal is typically mandated on an annual basis for various compliance and coverage reasons. This frequency ensures that individuals and businesses maintain continuous protection and meet legal and regulatory requirements. By renewing annually, the policyholder can also reassess their coverage needs and adjust their policy accordingly to reflect any changes in risk or circumstances.

In many states, including Pennsylvania, the requirement for annual renewal helps prevent lapses in coverage, which could leave a person or business vulnerable to potential liabilities. It ensures that all parties involved have up-to-date information and protection under their insurance or bond program.

The other options suggest longer intervals that may not provide the necessary protection against risks or comply with legal obligations. Regular, annual renewal keeps the insurance coverage relevant and responsive to any changes in the risk landscape.