Carman Devlin outlines the benefits of a supporting broker focused on accessing the most comprehensive insurance offering.
With over 230 employees operating across eight locations nationwide, O’Leary Insurances specialises in insurance broking and risk management services to all sectors of the Irish economy.
The company is known for its strong emphasis on professionalism and personal attention through all of its products. “It’s everything in our business,” says Director Carman Devlin. “If we miss something we’re putting somebody’s livelihood on the line, so attention to detail is crucial. As a broker, we sit between the insurer and the client, so we have to understand our clients’ business to identify the risks and source the appropriate insurance solutions.”
O’Leary Insurances acts as a business advisor, as much as a broker, according to Carman. “Small firms need that guidance, a helping hand in terms to navigate the potential pitfalls,” she explains. “We’ll help to identify what the key risks are as we really dig deep to understand their business.” Early engagement is key for small firms when attempting to manage their insurance overhead. “The best results are achieved with insurers in the market when the broker is operating with the longest lead time possible,”
advises Carman.
“Take the steps to engage with your broker and give them the necessary detailed information. We’re there as brokers to guide the customer through the process; our client is the policyholder and we’re acting in their best interests, rather than the insurers.”
Carman highlights cybercrime as one major emerging risk for small firms to be aware of. “Just about every business faces day-to-day cyber and data risks” she states. “The probability of suffering a loss as a result of the IT system being compromised is much higher than say a physical break in or fire and
companies should act now, as it’s relatively inexpensive to get cyber liability insurance cover.”
O’Leary Insurances has acted as the broker to the Small Firms Association for over 25 years now and the Company has just relaunched the SFA members insurance scheme. Carman concludes: “We have discounts available for SFA members, so get in touch and we’ll get you covered with a full range of products to suit your business.”
What is a common mistake small firms make?
“What we find is that firms cant end to focus on the physical assets of their companies, e.g. buildings and vehicles, but they forget about equally important risks such as protecting their balance sheet, cybercrime, etc. It is vital to consider the full range of risks that your company faces everyday.”
What’s your top tip?
“Approach your insurance renewal process as if you’re applying for a tender to secure some new business, i.e. put your best foot forward! Give your broker quality information with plenty of time to allow them present your business in the most positive and comprehensive format possible to the Insurance Market. If we’re given the right tools, we can understand the risks that go hand-in-hand with the business, and then go to market and find a competitive range of quotations.”
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