Nationwide Reveals Most Common Agribusiness Insurance Claims

DES MOINES, Iowa, May 16, 2018 /PRNewswire/ -- Over the last three years, the top ten types of agribusiness claims have accounted for more than 50,000 claims received by Nationwide. To help educate agribusiness professionals about costly trends in the industry, Nationwide, the number one farm insurer in the United States¹, has released its most common commercial agribusiness insurance claims. Below are the top 10 commercial agribusiness claims received by Nationwide in 2017:

Top 10 Agribusiness Insurance Claims

1. Motor Vehicle Accidents

2. Workers Compensation for Disability or Death

3. Misapplication of Chemicals or Drift

4. Slip, Fall or Injury

5. Food Related Claim

6. Animal Caused Damage or Bite

7. Glass Breakage

8. Wind Damage

9. Hail or Lightning Damage

10. Fire Damage or Loss

"By sharing our top claims data, we hope to help agribusiness owners recognize areas of their operation that may need increased safety precautions," said Carol Alvarez, vice president of claims for Nationwide. "These national trends can help business owners pinpoint areas where they can take extra measure to keep their employees, products and equipment safe."

Motor vehicle accidents were the mo­­­st common commercial agribusiness claim Nationwide received in 2017. Over the past three years, motor vehicles accidents have accounted for more than 20,00 total commercial agribusiness claims. Nationwide's data for these accidents show the following trends in frequency and severity:

Nationwide recommends the following risk management tips to help agribusiness professionals reduce motor vehicle accidents and keep their employees safe:

• Embrace safety technology by equipping vehicles with collision mitigation and telematics monitoring systems.
• Develop standard hiring criteria for drivers comprised of new driver orientations and documented training.
• Develop "safe following distance" and "distracted driving" policies that include comprehensive training and procedure enforcement.
• Be aware of advanced safety benefits in newer trucks, such as electronic stability control systems to prevent overturn.
• Provide additional documented training for commercial truck drivers with tanker endorsements, and those carrying high center of gravity loads.

About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor's. The company provides a full range of insurance and financial services, including auto, commercial, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com.

Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2018 Nationwide.

¹ Source: 2016 SNL Financial Report. Based on statutory data.

Contact:
Ryan Whittington
714-706-5584
[email protected]

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SOURCE Nationwide