The current study presents evidence that board gender diversity (BGD) and owners' business education (OBUSEDU) have a positive impact on family business owners' business insurance coverage decisions (BUSINS) 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 OBUSEDU 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, OBUSEDU, and BUSINS. 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 OBUSEDU in family businesses to mitigate operational risk.
Gill et al. (Thu,) studied this question.