We are announcing the launch of a new division at POWERS Insurance, called the Emerging Risks Division! With this announcement, we are announcing our intent to focus our risk management expertise toward four key industries that are experiencing rapid growth: Cannabis, Cyber, Renewable Energy, Technology.
At POWERS Insurance & Risk Management, our mission statement is: “We challenge the status quo to bring clarity and safeguard the financial well being of our clients, their employees and families.” We feel that part of challenging the status quo should be to help bring clarity to sectors of the marketplace that are evolving. In these four industries, the coverage landscape is all over the board (meaning that some coverage exclusions could make a policy almost worthless). We think it’s important to invest our knowledge and experience in guiding these industries as they expand in the future.
JD Powers, president of POWERS Insurance & Risk Management, will lead the division along with POWERS’ Risk Advisor Chris Sullivan. Both have expertise in helping clients navigate risks in the cyber and technology industries.
With the recent legalization of medical marijuana in Missouri, POWERS Insurance will utilize its collective risk management knowledge from comparable markets to help protect their clients’ businesses, employees, and stakeholders. Sullivan and Powers are currently offering consultations with prospective business owners in the cannabis space.
“Even though marijuana has been legalized in other states, the market is still new to the insurance industry,” Sullivan said. “Insurance coverage varies dramatically from one company to the next, and we can help business owners most effectively comprehend the exclusions between policies.”
Sullivan added that partnering with POWERS’ insurance risk management team, which “understands business growth plans and how insurance coverage impacts those starting in the cannabis industry, is crucial to those building a start-up cannabis operation both in Missouri and throughout the U.S.”
Both Sullivan and Powers attended the first MoCann Trade Association convention in St. Louis in early March and have traveled to Colorado to meet with other thought leaders in both the insurance and cannabis industries.
Renewable energy is the newest focus for the agency, but it aligns with our core mission as we already embrace sustainability with our program “Plant A Tree. It’s Good Policy.” POWERS, along with non-profit partner One Tree Planted, plants a tree for each new policy holder and, since it began in the fall of 2017, the company has planted more than 600 trees.
For more information about any of the key industries POWERS Insurance is focusing on, please see our Emerging Risks Division main page, which has links to the Cannabis Coverage program, Cyber Insurance Program, Renewable Energy, or Technology programs.