The government has been compensating business interruption loss of small business owners caused by coronavirus through expanded fiscal policies. However, these policies are temporary and have negative effects such as inflation. Even though discussion is underway to introduce pandemic insurance as a sustainable way to recover from business interruption loss, the insurance product has not been developed. This study proposed a pandemic insurance model and confirmed its effectiveness by utilizing previous studies and surveys. A protection-type insurance model based on income and expenses similar to that of existing insurance was first proposed. The results of examining the adequacy of insurance based on other policy insurance operation cases and previous studies showed that the proposed model presented difficulty in activating insurance. Thus the modified pandemic insurance model was proposed, that combines protection-type and savings-type insurance to guarantee the amount paid and interest. Survey results found that people were more willing to sign up for the modified pandemic insurance model than for the protection-type insurance model based on income and expenses. In addition, the modified pandemic insurance model was thought to be a useful insurance model since it has various advantages such as being able to cover long-term business loss, compared to the protection-type insurance model with a similar level of government budget input.