Is it mandatory to buy an insurance plan for commercial vehicles?

According to the Motor Vehicles Act of 1988, it is mandatory to purchase basic third party insurance coverage for any vehicle that you wish to ride/drive on Indian roads. The same applies to commercial vehicles as well. 

Third-party goods carrying vehicle insurance essentially covers the insured against third-party liabilities. For protection against own damage and other unpredictable events such as natural disasters, fire and theft, you can also opt for a comprehensive goods carrying vehicle insurance policy.