Nicole Solly runs a management accounting practice, which is aptly named Lolly Jar. She established the business in 2010 after realising many small to medium-sized marketing, events and advertising agencies don’t have the resources to employ full-time finance departments in-house.

A few years ago, Nicole found herself complaining to a colleague about the inattentive service she was receiving from her insurance broker.

“Basically we were getting a reminder when it was time to renew our policy, and that was it. There were no recommendations about new products. No advice. It felt like a money grab with no additional service provided once we’d paid our premiums,” she says.

Her colleague recommended Malton Road Advisory, which now provides Lolly Jar – as well as many of the firm’s clients – with insurance services.

Opposites attract

“It’s the opposite with Malton Road,” says Nicole.

“Their brokers come to me to discuss my business, what we should change, and ideas as to how they can better service Lolly Jar. They help me understand our internal risks, and risks associated with our clients. And their premiums are completely competitive on cost, if not cheaper.”

Malton Road Advisory now works with 75% of Lolly Jar’s clients providing insurance services to small and medium-sized communications agencies.

“I have found a lot of our clients are incredibly talented as art directors and creative professionals, but have no idea about things like insurance. James Fletcher [Managing Director of Malton Road Advisory] has an ability to explain why certain types of insurance are important for creative businesses in a way that creatives can understand.”

Cyber insurance is one example. “Recently we’ve seen a lot of international fraudsters targeting small to medium-sized businesses, yet cyber insurance doesn’t even get suggested by most insurance brokers,” says Nicole.

“As well as helping Lolly Jar and our clients understand these risks, they have also helped us understand our options for reducing premiums, which is something we’ve never been advised on before.”

Nicole Solly, Managing Director at Lolly Jar

A collaborative partnership

Today, Lolly Jar provides financial services to around 20 small and mid-sized creative agencies and employs nine employees of its own.

Malton Road manages all of Lolly Jar’s insurance policies including business insurance, public liability, professional indemnity and management insurance.

James and Nicole are in frequent contact, while Malton Road’s brokers communicate regularly with the team at Lolly Jar to make sure their clients stay on top of renewals.

“Malton Road’s ability to understand and explain the risks associated with running a creative agency in a way that’s easy to understand is so helpful. Overall, their service levels, approach and communication are brilliant,” says Nicole.