In the backdrop of the “double carbon” initiative and the large-scale grid integration of renewable energy, the energy storage sector is booming. However, the insurance mechanism for energy storage power stations is underdeveloped, posing obstacles to industry growth. This paper first analyzes the structure of energy storage power station and battery selection, describes its key components and the advantages of lithium-iron phosphate battery adaptation. Integration of domestic lithium-iron phosphate battery energy storage power station accident cases, starting from the battery, management and other accident causes, in-depth mining of risk factors. Based on the perspective of commercial insurance, it considers the risk characteristics of energy storage power stations, and puts forward optimization countermeasures such as formulating insurance clauses, determining rates, and designing innovative insurance types, aiming at improving the energy storage insurance system, fortifying risk management, and supporting the sustainable development of the energy storage industry.