What is required for a contractor to maintain their license in Nevada?

To maintain a contractor's license in Nevada, it is essential to complete continuing education and renew the license periodically. This requirement ensures that contractors stay updated on the latest laws, regulations, and best practices in the construction industry, which can evolve over time. The continuing education component helps contractors enhance their skills and knowledge, thereby promoting safety and professionalism in their work.

Renewal of the license is also a key aspect, as it signifies that the contractor is active and complies with state regulations. By fulfilling these educational and renewal obligations, contractors demonstrate their commitment to maintaining professional standards and responsible business practices.

While other options may seem relevant to a contractor's business operations, they are not mandatory requirements for maintaining a license in Nevada. For instance, while increasing insurance coverage can be beneficial for risk management, it is not a stipulated condition for license retention. Similarly, having no complaints filed against a contractor can reflect positively on their reputation, but it is not a formal criterion for license maintenance. Furthermore, submitting annual financial statements may be a good business practice, but it is not a part of the licensure maintenance process. Hence, option B is the accurate requirement for maintaining a contractor's license in Nevada.