Impact of board gender diversity and owners' business education on business insurance coverage decision

The current study presents evidence that board gender diversity (BGD) and owners' business education (OBUS_EDU) have a positive impact on family business owners' business insurance coverage decisions (BUS_INS) in India. The study used a survey research design to collect data. The current study minimised endogeneity problems and provided robust results by employing a two-stage least squares regression model. The findings indicate that family business owners who prioritise BGD and have higher levels of OBUS_EDU are more likely to increase their business insurance coverage, thus mitigating operating risk. The current study may benefit academics as a stepping stone for further investigation into the relationship between BGD, OBUS_EDU, and BUS_INS. On the other hand, insurance consultants can leverage this study to provide tailored consulting services to family business owners. This study also highlights the importance of prioritising BGD and OBUS_EDU in family businesses to mitigate operational risk.