Success Story for Two

New Account Executive Helps Tech Company Properly Protect Its Bottom Line

Since his start date on January 13, 2014, Salvatore D’Angelo has really been learning the ropes at V.F. McNeil Insurance.  Coming on board with strong management skills and a natural ability to create new relationships with people, Sal has really proven to be a strong new member of the V.F. McNeil team.  Having only worked at V.F. McNeil Insurance for six months, Sal has recently helped to onboard an impressive new commercial client.

Identifying an Opportunity to Help

During his time at V.F. McNeil, Sal has been working with his mentors and completing formalized Account Executive training.  He’s been learning about the internal details of V.F. McNeil Insurance, our clients, the companies we are partnered with, and the strengths and benefits of our commercial and personal insurance products.

After learning that V.F. McNeil has specific product strength and a high level of experience with regard to technology based companies, Sal didn’t take long to act.  Having a connection in the technology industry, he made contact with the comptroller of a telecommunications billing software company in Connecticut that he thought could benefit from the products and services provided by V.F. McNeil Insurance.

Not long after, Sal and the agency owner, Daniel McNamara, met with the comptroller and the company owner to discuss an insurance analysis and comparison.  After their meeting, the company owner was eager to have his company’s insurance portfolio reviewed.

Team Collaboration

Through a collaborative effort between Sal, Daniel, and one of Sal’s mentors, Carmine Montuori, Vice President of V.F. McNeil Insurance, the insurance team performed an extensive analysis of the company’s operations, an evaluation of risk, and an analysis of their current insurance program in place.

After doing so, the insurance team identified important risk control recommendations to make.  They also uncovered coverage gaps that weren’t previously indentified.  For example, the tech company had never been advised of the importance of Employment Practices Liability (EPLI).  Unfortunately, EPLI is one of the fastest growing and most expensive lawsuits an employer can face these days.  These days, having EPLI, especially for a company of their size, is just about as crucial as having worker’s compensation insurance.  Without EPLI, business owners are leaving a major exposure on the table. 

Sal and his team also identified another recommendation to include third party liability to the company’s cyber-liability coverage as the company was only equipped with first party liability and truly needed third party.  It’s common but also unfortunate for business owners and managers to believe that a cyber-liability policy is a one-size-fits-all coverage.  However, this is certainly not true and could also leave a business open to major exposures.  Lastly, Sal and his team found an area of coverage where the company was actually overpaying for insurance due to being unnecessarily over insured.

Insurance Premium – An Added Bonus

When all was said and done and the new proposal for the prospective technology company was completed and reviewed with the comptroller and the owner of the company, the owner himself was impressed at the depth of knowledge and level of consultation he received from Sal and his team.  The business owner was also quite satisfied about the insurance premium on the proposal.  As a result of applying coverage in the right places and reducing it in the area where it wasn’t necessary to have as much as they did, the company’s insurance premium did not increase.  This was a nice added bonus to the improved coverage.

Proudly, V.F. McNeil Insurance started the beginning of a new relationship with a dynamic, 30-year-old, family owned and operated Connecticut based technology company.  The comptroller and the company owner can now rest a bit more easily at night knowing that they are properly insured and that their insurance portfolio is doing a better job contributing to their bottom line.  In fact, the company owner’s level of confidence in his new insurance portfolio and service team prompted him to discuss his personal insurance needs with Sal as well.  Since their discussion, the company owner has placed his home, auto, and umbrella insurance with V.F. McNeil.  It truly was a success story for both Sal and his new client.