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What is mandatory insurance


Compulsory insurance is any type of insurance an individual or business is legally required to buy. Compulsory insurance is mandatory for individuals and businesses that want to engage in certain financially risky activities, such as operating an automobile or operating a business with employees.

What are 3 examples of mandatory insurance in the US?

For businesses, the net of compulsory insurance is much wider: insurance policies like workers compensation, general liability, specialized liability coverage, automobile coverage, and employee theft insurance are the most common types required for commercial businesses.

What is the mandatory insurance in Mexico?

Mexico requires third-party liability for all drivers within the country provided by an insurance company licensed to sell insurance in Mexico. Recommended coverage minimums fall around $300,000. Read on to find out what car insurance you need to drive your car in Mexico.

What insurance is mandatory in NJ?

You must have motor insurance to drive your vehicle on UK roads. Third party insurance is the legal minimum. This means you're covered if you have an accident causing damage or injury to any other person, vehicle, animal or property. It does not cover any other costs like repair to your own vehicle.