1. Exposition

What part of speech is “being prepared”?

1 Peter 3:15 (ESV)

15 but in your hearts honor Christ the Lord as holy, always being prepared to make a defense to anyone who asks you for a reason for the hope that is in you; yet do it with gentleness and respect,

The word in the original is not a verb, but an adjective. The reason it is translated in verb form here is because the clause is an adverbial clause linked to the previous clause.