Abstract: To promote the participation of Independent Energy Storage (IES) in the electricity market, we put forward a new business model grounded in the idea of "revenue stacking". This model enalbes IES to engage in arbitrage within the electricity market and offer electricity insurance service to microgrid operators, wind power generators and other market participants. Additionally, an asymmetric Nash bargaining game-based model is established for IES electricity insurance service. First, under the new business model, the electricity insurance service models of IES, wind power producers and microgrid operators, are established aiming to increase the revenue stream of IES while reducing the deviation penalty cost of wind power producers and microgrid operators. Subsequently, the asymmetric Nash bargaining game is employed to determine the price of the electricity insurance service of IES. The revenues of IES, wind power producers and microgrid operators under the traditional business model are taken as the negotiation benchmark to ensure the feasibility of the electricity insurance service, which does not take into accout the power insurance service. Moreover, the bargaining power of each subject based on the traded insured power is quantified to stimulate the motivation of the subjects to participate in the electricity insurance service. Finally, the validity of the model is verified through examples.