• Feb 26, 2023
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Types of commercial insurance

Commercial insurance companies have spread in many regions and have become very important because of the benefits and advantages they provide, but when embarking on a commercial insurance business, it is necessary at first to know the types of commercial insurance and its provisions, taking into account the selection of a commercial insurance company that has a good reputation and reputation in the commercial community, and here I will talk On the types and provisions of commercial insurance, business insurance, establishment insurance, and cargo insurance.

Types of commercial insurance

At the outset, I would like to present to you the meaning of commercial insurance in general. Commercial insurance is a netting contract to which one of its parties, the insurer, undertakes to pay to the other party, who is the insured or whomever he appoints, a financial compensation agreed upon. In case of danger, payment is made or the indicated loss is achieved In the contract, in exchange for a consideration or a fee called the insurance premium, which the insured pays to him in the amount, term, and manner stipulated in the contract concluded between them. The thing insured against, and in the next lines will deal with the types of commercial insurance.

Business insurance

Business insurance is insurance for shops against risks such as fire or electrical damage, or insurance for goods from drowning, money received from theft, livestock from death, as well as crops from damage and other risks.

Person insurance

While the second type of commercial insurance is insurance for persons, whether this insurance is life insurance or insurance against injuries and risks that affect the insured.

Ruling on commercial insurance contract

Also, here we present the ruling on the commercial insurance contract, which many scholars went to prohibit insurance in its entirety and its various types, whether it is on life, business, commercial goods, or other matters, as was the view of the Council of Senior Scholars, and they inferred its prohibition with evidence, which are as follows:

The insurance contract includes deception that invalidates the contract: According to the narration of Abu Hurairah, may God be pleased with him, he said: (The Messenger of God, may God’s prayers and peace be upon him, forbade the sale of pebbles and the sale of deception) and on the authority of Ibn Omar: “The Prophet, may God’s prayers and peace be upon him, forbade selling by deception.”
An insurance contract that includes both types of usury, usury of credit and usury of women; This is because the reality of the commercial insurance contract is a cash-for-cash sale agreed upon by the insured with an insurance company, provided that he pays the insurance premium in exchange for taking the insurance amount when the risk occurs.
And when the amount is taken after the end of the contract, and this amount that the trustee takes after a deadline is likely to be equal to what he paid, or differential: If this amount is equal and taken after a fixed term, then it is bad interest, and if it is differential and taken after a fixed term, then it is good and bad interest.

A commercial insurance contract that includes forbidden betting; Because each of them involves ignorance, gambling, and betting are taboos in Islamic law.
An insurance contract in which the money of others is taken for free, and taking money from others in exchange contracts is forbidden; To enter it in the general prohibition in the words of God Almighty:} And do not eat your money between you with falsehood, and show it to the ruling, so that you can eat with a separation.

Car insurance

We move here to insurance for cars, which has become one of the necessary and basic matters, as insurance is the means that is relied upon in order to mitigate the risks that affect humans, provided that those risks are beyond the control and will of the person, such as road accidents and fires resulting from electrical touch or thefts, here It is the role of the insurance companies and their participation in the affected insured and the mitigation of the effects and damages resulting from accidents. The person who insures a property such as a car is insuring himself instead of bearing the full loss on his own. Here, the insurance company bears that loss with him, and this is in return for the person paying a monthly subscription to the company. Insurance, and in the event of any accident or misfortune, or even a loss of property, all the money of the insured persons is paid to him, in order to compensate the loss of the person who suffered an accident beyond his control or control. In short, this is the role played by the insurance companies or insurance companies.

Facility insurance

Facility insurance is one of the types of commercial insurance that targets merchants, owners of emerging medium and small projects, and of course owners of shops such as: groceries, bakeries, women’s and men’s beauty salons, and electronic maintenance stores. The facility may be insured in several cases, including: fire insurance and similar risks, as it covers Damages that occur to the insured property as a result of exposure to fire accidents, and the insurance coverage thereof includes the following:

Theft by breaking, dislodging and forcible entry, earthquakes, explosions such as fresh water pipes, the fall of aircraft or the collision of any parts thereof, and the collision of vehicles.

Cargo insurance

We move on to another type of commercial insurance, which is cargo insurance, and this type of insurance aims to secure goods during their transportation and storage, but here I offer the transportation of goods from one place to another.
3- Securing river transport.
1- Marine and air transport insurance: This type of insurance covers all risks for losses or damages to the insured objects. designated for such cases, and the entry of water into one of the holds or places designated for storage on ships.