Corporate Insurance Audit: 10 Critical Coverage Gaps in Singapore

Introduction

Singapore’s business landscape is evolving faster than ever. Yet, many companies are unknowingly exposed to significant coverage gaps within their existing corporate insurance portfolios. For CFOs and finance leaders, an annual corporate insurance audit isn’t just a compliance exercise, it’s a safeguard for profitability, reputation, and business continuity. Here’s a practical checklist highlighting the 10 most common insurance blind spots that Singapore CFOs often miss, and how to close them effectively with support from licensed brokers like PCMI Insurance Brokers.

Corporate Insurance Audit Checklist: 10 Hidden Gaps to Fix in 2025

1. Outdated Property Valuations
   Many businesses underinsure assets because property values have increased while their insured sums remain unchanged. Regularly update valuations to reflect current market costs and replacement values.

Learn more about property insurance in Singapore and how to protect your assets effectively.

2. Lack of Business Interruption Coverage
   Even short disruptions, from power outages to supply chain delays, can cripple revenue. Ensure your policy covers loss of income and fixed expenses during downtime.
3. Gaps in Cyber and Data Breach Protection
   Traditional corporate insurance often excludes cyberattacks and data theft. In today’s digital economy, companies should maintain dedicated cyber insurance coverage to manage ransomware, system damage, and privacy risks.
4. Missing Employee Health & Safety Provisions
   Many companies assume work injury coverage is sufficient. However, WICA alone doesn’t fully protect employers. A complete audit should assess your Work Injury Compensation Act coverage and integrate employee benefits to support retention and compliance.
5. No Regular Policy Review with a Licensed Broker
   Insurance policies evolve. So should your protection strategy. An annual review with a MAS-licensed broker ensures new exposures, from digital risks to workforce changes, are addressed promptly. Explore holistic corporate insurance solutions that align with your company’s operational goals.

Pro Tip

When conducting your corporate insurance audit, involve department heads from operations, HR, IT, and legal. Their insights can uncover hidden risks beyond finance, helping you build a complete protection framework.

Conclusion

A thorough corporate insurance audit doesn’t just prevent financial lost, it strengthens business continuity and investor confidence. By partnering with an independent expert like PCMI, CFOs can uncover gaps, reduce overlaps, and future-proof their organisations against emerging risks. Get in touch with PCMI’s advisory team to schedule your company’s next coverage audit.

Frequently Asked Questions (FAQs)

1. What is a corporate insurance audit?
   It’s a comprehensive review of your company’s insurance portfolio to identify underinsured or uncovered risks.
2. How often should a business conduct an insurance audit?
   At least once a year, or whenever there are major operational or structural changes.
3. Why do CFOs often miss coverage gaps?
   Because policies are renewed automatically without evaluating new risks or regulatory changes.
4. Can PCMI assist with multi-policy reviews?
   Yes. PCMI provides a full audit service for property, casualty, marine, and employee insurance portfolios.
5. How can I start an audit for my business?
   Reach out to PCMI’s advisory team for a confidential consultation.