Read the manual. Is your head clipping? Occasional clips are ok. The clip light should never come on and stay on for any extended period of time.
At least on the 700RB, the manual explains that the light shows if there's clipping at the input rather than in the preamp or amp output. For example, playing hard with my G&L L-1000 (a very hot passive pickup) will cause the light to blink. That would call for pressing in the pad button if it happens often. But in practice, almost nothing causes the light to blink when I play. The bass' signal has to be really hot!