St. Louis, Mo., : POWERS Insurance and Risk Management, one of the largest family owned and operated independent insurance agencies in the bi-state region, recently announced the opening of its Emerging Risks division. This new sector will focus on insurance risk strategies that are aligned with cyber, technology, cannabis, 
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 their risk management knowledge from comparable markets to help protect their clients’ businesses, employees, and stakeholders.
“We have always tried to stay ahead of the curve so this division demonstrates our commitment to these developing industries,” said Powers. “While we have assisted our clients with cyber and technology for many years, the cannabis and green energy are only recently becoming a part of our state’s conversation. Our goal is to comprehensively understand our client’s individual risk so we can tailor our services with the proper insurance policies.”
Powers said green energy space is the least developed and explored of the four markets to date but “we are excited to strategically work with our partners to alleviate potential uncertainties they may face.” The company embraces sustainability with its program “Plant A Tree. It’s Good Policy.” POWERS 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.
“Even though marijuana has been legalized in other states, the market is still new to the insurance industry,” said Sullivan. “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.”