Basic Insurances in UK
In the UK, insurance plays a crucial role in safeguarding individuals, businesses, and assets, with various types of insurance required by law. These mandatory insurances ensure that all parties are protected in case of accidents, damages, or other unforeseen events. Here’s an overview of the key types of insurance that are required by law in the UK: 1. Car Insurance Requirement: By law, all drivers in the UK must have at least Third-Party car insurance to drive on public roads. Purpose: This covers damages or injuries caused to others in an accident. Comprehensive coverage is also available, covering damage to the insured vehicle as well. Penalties for Non-Compliance: Driving without car insurance is a serious offense that can lead to fines, points on your license, and even vehicle seizure. 2. Employer’s Liability Insurance Requirement: Businesses with employees are legally required to have Employer’s Liability Insurance. Purpose: This insurance protects employers…