PurposeWith a growing world population and climate crises, edible insects are a promising alternative to conventional livestock. However, Western consumers are largely opposed to eating insects. The aim of this study is to investigate the acceptance of insects in a German sample with a specific focus on risk–benefit perceptions and risk preferences.Design/methodology/approachData were collected via an online survey (N = 569). Established scales for food neophobia (FN), risk perception, risk preference and acceptance were used. The statistical analyses included mean comparisons regarding acceptance and risk–benefit perceptions of unprocessed and processed insects. We further examined the role of perceived benefits and risks as well as risk preferences as determinants of acceptance via hierarchical multiple regressions.FindingsRespondents indicated lower perceived risks, and higher perceived benefits and thus higher acceptance for processed insect products as compared to whole insects. Risk perception was the strongest predictor of acceptance of unprocessed as well as processed insect food. Respondents who reported to have already eaten insects before exhibited higher risk preferences than those who had not.Originality/valueThis study specifically considered the role of risk preferences, which has been so far largely overlooked in consumer research on insect foods. The findings indicate that acceptance of insect food is mainly driven by risk perception rather than individual risk preferences. However, risk preferences should not be totally overlooked as they seem to play a role especially for unprocessed insects and the decision to try insects for the first time.