There are several non-compulsory types of insurance that can be considered. Public liability covers you against accidents and injuries to, or the death of, members of the public or damage to property that occurs as a result of your business activities.
Compulsory Insurance. By Amy Fontinelle. 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.
Definition of COMPULSORY INSURANCE: the insurance that is compulsory and is required before you can operate a
Definition. Any form of insurance that is required by law. In most states, for example, automobile liability insurance is compulsory for all automobile owners.
Compulsory insurance is insurance that individuals, businesses, or other entities are required by law to have in force. Compulsory insurance usually covers perils that carry heavy financial costs. It is often intended to prevent the insured from financial ruin, ensure the compensation of victims (without burdening the state), or both.
So non-compulsory insurance is pretty much everything else, such as home contents insurance, travel insurance and the extended warranties you can purchase when say buying a new phone. But just because they are non-compulsory does not mean that they are not a good idea.
Dec 26, 2018 · Compulsory insurance is any type of insurance coverage that is required by law before individuals or businesses may engage in certain activities. The idea behind this type of mandatory coverage is to protect the well-being of those who would otherwise be adversely affected if the events covered in the terms of the policies were to take place.