Best Workers' Compensation Insurance in Nevada (2025)

Thimble is Nevada's best workers' compensation insurance provider, earning a MoneyGeek score of 93 out of 100. You can expect quality service at a monthly average rate of $188.

By Melissa Wylie

Edited by Casie McCoskey

Updated: January 3, 2025

Advertising & Editorial Disclosure

MoneyGeek evaluated Nevada workers' compensation insurance providers based on affordability, customer satisfaction, financial stability and online quote process. Thimble emerged as the best, excelling in affordability and online quote accessibility.

Nevada businesses with at least one employee must have workers' compensation insurance to protect against financial and legal liabilities. This insurance covers medical costs, lost wages and potential lawsuits resulting from work-related injuries or illnesses, benefiting employers and employees.

Key Takeaways

Based on MoneyGeek's analysis of Nevada workers' compensation insurance providers, Thimble emerges as the top choice. Here's a breakdown of Thimble's ranking and features, along with a look at a notable alternative:

Best Workers' Compensation Insurance Provider in Nevada

Provider: Thimble
Ranking: Best overall workers' compensation insurance provider
MoneyGeek Score: 93
Average Monthly Premium: $188 for midsize businesses with 100 employees and an annual payroll of $6,250,000
Financial Stability: Thimble is recognized for its solid financial performance, ensuring it can meet its obligations to policyholders.
Customer Service: Thimble excels in providing quality customer service and offers an accessible online quote process, which enhances user experience and satisfaction.

Alternative Provider

Provider: Pie
Ranking: Best for affordability
Average Monthly Premium: $166 for businesses with 20 employees and an annual payroll of $1,250,000; $60 for businesses with 5 employees and an annual payroll of $312,500
Financial Stability and Customer Service: Pie focuses on affordability and also offers robust customer services, ensuring a straightforward process for small businesses to acquire affordable coverage.

Conclusion: While Thimble is the top-ranking provider overall due to its balance of affordability, access to online quotes, and reliable financial standing, Pie offers the most economical option for smaller businesses. Factors like employee count and payroll significantly impact the insurance premiums, so businesses should consider their specific circumstances when choosing the best provider. Additionally, broader considerations such as industry and location can further influence premiums, underscoring the importance of personalized quotes.

For cost-conscious businesses in Nevada, Pie Insurance is highlighted as the most affordable workers' compensation insurance provider. With an average monthly premium of $166, Pie offers the lowest rates for businesses with 20 employees and an annual payroll of $1,250,000. This rate is notably lower than the median monthly cost of workers' compensation insurance in Nevada, which is around $257.

Choosing Pie as a workers' compensation insurance provider makes sense for businesses focused on managing costs due to several reasons:

1. Affordability: Pie's average monthly premium of $166 is the most economical option available, providing businesses with significant savings compared to typical state pricing.

2. Scalability: For businesses with five employees, Pie offers an even lower average premium of $60, making it an adaptable choice for small businesses or those just starting to hire employees.

3. Comprehensive Coverage: Despite being cost-effective, Pie ensures that all coverage needs are met, upholding the necessary protections for employees in case of work-related injuries or illnesses.

Overall, Pie provides an excellent balance of affordability and essential coverage, making it a top choice for companies aiming to minimize insurance costs without compromising on employee safety and well-being.

Workers' compensation insurance premiums in Nevada are influenced by several factors unique to each business. These factors determine the cost and coverage requirements, ensuring that businesses are properly protected against liabilities arising from workplace injuries or illnesses. Here are the key elements that shape these rates:

1. Number of Employees: The employee count directly impacts the premium costs. More employees typically mean higher premiums because the risk of workplace injuries increases with a larger workforce. Insurers classify businesses with one to nine employees as micro businesses, which may have different rate considerations compared to larger businesses.

2. Payroll Expenses: Payroll is one of the most significant determinants of workers' compensation premiums. The higher the payroll, the greater the potential financial risk for an insurer, as they must cover wage replacements and medical expenses for potential claims. Nevada businesses with 20 employees and an annual payroll of $1,250,000, for example, have specific premium rates reflective of these financial responsibilities.

3. Industry and Job Risks: The nature of the industry can drastically affect premiums. Industries with higher risks, such as construction or manufacturing, often face steeper premiums compared to low-risk sectors like retail or office work. This is due to the increased likelihood of accidents and claims in higher-risk environments.

4. Location: While not explicitly highlighted in the given data, geographic location can also influence rates. Different areas may present varying levels of risk due to regional safety regulations or environmental factors.

5. Insurance Provider: Choice of provider can affect cost based on how companies price their premiums and their assessment of risk. For instance, MoneyGeek found that Pie offers the most affordable rates for small businesses in Nevada, with premiums as low as $60 for a company with an annual payroll of $312,500 and five employees. Meanwhile, Thimble is noted for offering competitive rates for midsize businesses.

6. Policy Limits and Coverage: The specific limits and coverage details of a policy, such as a $1 million total policy, per accident, and per employee limits, influence the overall cost. Higher limits typically mean higher premiums.

In Nevada, businesses with more than one employee are obligated to carry workers' compensation insurance, which helps protect both employers and employees from the financial repercussions of workplace incidents. However, funds can vary significantly, and specific rates may not mirror the averages provided due to the complex interplay of these factors.

Ultimately, while MoneyGeek cites that the average monthly premium in Nevada for businesses with 20 employees is around $257, which is higher than the national average of $168, rates for each business will vary based on these factors, ensuring that premiums reflect the unique risk profile and operational specifics of the business.

Why Trust MoneyGeek? We collected 677 workers’ compensation insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best workers’ compensation insurance companies for small businesses in Nevada.

Coverage costs and company information for workers' compensation insurance providers in Nevada were last updated in 2023.

677Quotes Analyzed

6Companies Compared

50ZIP Codes

Best Workers’ Compensation Insurance in Nevada

MoneyGeek’s research found that Thimble is the best workers' compensation insurance provider in Nevada, with a MoneyGeek score of 93. Policyholders can get quality service from this provider for around $188 monthly. Consumers looking for alternatives to Nevada’s top-ranking insurance company can view the options below.

How was this MoneyGeek score calculated?

MoneyGeek used the following weights to score and rank insurers:

Affordability: 45%
Customer satisfaction: 25%
Financial stability: 20%
Online quote process: 10%

MoneyGeek used the following business profile to gather quotes:

An LLC with five years in the software development industry, 20 employees, $5 million in annual revenue and $1,250,000 in annual payroll costs.

ThimbleBest Overall in Nevada

Score:93

4.5/5

Affordability

2/5

Customer Satisfaction

3/5

Financial Stability

5/5

Online Quote Process

Geek Quick Take

Quick online quote application process
Offers relatively low monthly rates at around $188
Average customer satisfaction ratings

More About Thimble

Thimble provides one of Nevada’s quickest online quote applications, which can be beneficial to policyholders who value convenience while comparison shopping for quotes. It also offers one of Nevada’s lowest average workers' compensation insurance premiums.

However, this company lags behind its competitors in customer service ratings. Its customer complaint score indicates that policyholders may be unsatisfied with the services they receive, potentially posing a challenge for employers filing a claim in a time of need.

Pie

Score:92

5/5

Affordability

1/5

Customer Satisfaction

2/5

Financial Stability

5/5

Online Quote Process

Geek Quick Take

Cheapest available workers' compensation insurance at an average of $166 monthly
Quick online quote application
Lowest customer satisfaction score among its competitors
Shaky financial standing

More About Pie

Pie balances affordability with top-tier online service. It offers the lowest premiums in the market, making employee protection more accessible to Nevada businesses.

However, Pie’s customer satisfaction ratings are the lowest among the Nevada companies MoneyGeek researched. The company’s low financial stability rating indicates that it may be unable to pay its claims promptly. Policyholders who are looking for a smooth claims-filing process may consider alternatives.

biBERK

Score:91

Nationwide

Score:87

Cheapest Workers’ Compensation Insurance in Nevada

Pie may be the best workers' compensation insurance provider for Nevada-based companies keen on affordability, with an average monthly premium of $166. This rate is the lowest for businesses with 20 employees and an annual payroll cost of $1,250,000. However, a company’s number of employees and payroll expenses may significantly affect insurance costs.

MoneyGeek Top Pick

Pie

By offering the most competitive premiums in the market, Pie can cater to businesses that might be on a tight budget or are building their company from the ground up. The provider's online quote process is better than its rivals, which might attract buyers looking for seamless transactions.

On the downside, Pie's customer satisfaction ranks the lowest among the providers we analyzed, suggesting that this is the trade-off for its cheap rates. The company also doesn’t have a stable financial foundation, which might make it hard for employees to access benefits promptly.

MoneyGeek ranked companies according to average monthly cost to find the cheapest insurer available, meaning the rates we found do not necessarily reflect the premiums you will pay. The most affordable company for you may vary depending on other factors.

The table below shows the annual and monthly costs for insuring a business with about 20 employees for all the companies we analyzed in Nevada.


Pie	$166	$1,990
Thimble	$188	$2,134
biBERK	$297	$3,145
Nationwide	$375	$4,504

Best Workers’ Compensation Insurance for Micro Businesses in Nevada

Pie is the top choice for workers' compensation insurance for Nevada businesses with five employees, offering an average monthly premium of $60. This rate is for a company with an annual payroll expense of $312,500.

Insurers often refer to a business with one to nine employees as a micro business. While the number of employees affects the cost of workers' compensation insurance, payroll expenses typically have a more significant impact on premiums.

MoneyGeek Top Pick

Pie

Micro businesses often operate on tight budgets, which makes affordability a crucial factor when seeking workers' compensation coverage. Companies prioritizing affordability should consider purchasing coverage from Pie.

This insurer offers a quick online quote application, saving time and streamlining the comparison process. This convenience allows micro businesses to focus on their core operations while ensuring employee coverage. Employers should note that opting for Pie has its drawbacks, including its record of customer complaints. Its low customer satisfaction rating may suggest the company often falls short of expectations.

Best Workers’ Compensation Insurance for Midsize Businesses in Nevada

For midsize businesses in Nevada with 100 employees, Thimble is the best workers' compensation insurance provider. Thimble’s average monthly premium is $188 for companies with an annual payroll of $6,250,000.

Note that the two primary factors that play a significant role in determining premiums are employee count and payroll, with the latter often having a more significant effect on rates. Payroll is directly related to the financial risk an insurer has to cover in case of workplace injuries or illnesses.

MoneyGeek Top Pick

Thimble

Thimble offers several advantages for midsize businesses seeking workers' compensation insurance, including relatively low premiums and fast online quote applications. One caveat is that Thimble scores moderately in customer complaints, which may concern businesses prioritizing excellent service.

A high customer complaint rating may indicate potential challenges in resolving claims or customer service issues, which could negatively impact a business in the long run.

How Much Is Workers’ Compensation Insurance in Nevada?

The monthly cost of workers' compensation insurance for a Nevada business with 20 employees hovers around $257. With the national average premium costing around $168 per month, Nevada’s pricing is more expensive. However, factors like industry, location and payroll can sway these figures, making each policy unique.

The policy limits we set for this analysis include a $1 million total policy limit, a $1 million per accident limit and a $1 million per employee limit. The total policy limit is the insurer's maximum payout for all claims during the policy period, while the per accident limit caps the coverage for a single incident. The per employee limit, on the other hand, is the most an insurer will cover for an individual employee's claim.

The table below outlines the average cost of workers' compensation insurance for businesses employing five, 20 and 100 employees. These rates are averages and may not accurately reflect your premiums.

How was this cost calculated?

To find the average cost of workers’ compensation insurance in Arkansas, we gathered quotes for three types of software development businesses:

An LLC with five years in business, five employees, $1,250,000 in annual revenue and $312,500 in annual payroll costs.
An LLC with five years in business, 20 employees, $5 million in annual revenue and $1,250,000 in annual payroll costs.
An LLC with five years in business, 100 employees, $25 million in annual revenue and $6,250,000 in annual payroll costs.


5	$93	$1,050
20	$257	$2,943
100	$1,100	$13,167

Factors That Impact Workers’ Compensation Costs in Nevada

The cost of workers' compensation insurance involves several variables, with each business's unique profile determining its coverage costs. Let's delve into the key elements that shape these rates:

Payroll costs

Insurance premiums relate to a business's payroll costs, with an additional rate charged for every $100 of payroll. Higher payroll costs translate to heftier premiums. In Nevada, the average premium index rate for 2022 is $1, making it the 37th most expensive state for workers' compensation insurance.

Number of employees

A larger workforce increases the risk of employee injuries, which can increase insurance premiums.

Employee class code

Insurers represent each employee's role by a class code, which corresponds to the type of work they perform (e.g., consulting, engineering, construction). This code determines the rate charged for every $100 of payroll, with industries prone to higher injury risks (like construction) typically facing steeper rates than their lower-risk counterparts (such as consulting).

Previous claims

A company's track record of workers' compensation claims can impact its premium. According to the Bureau of Labor Statistics, Nevada reported 29,800 nonfatal occupational injuries and illnesses in 2021 across various industries, including private, state and local government sectors.

At the national level, the BLS documented over 2 million nonfatal workplace injuries and illnesses within the private industry in the same year.

Do You Need Workers’ Compensation Insurance in Nevada?

Businesses with more than one employee are legally required to obtain workers’ compensation in Nevada. This requirement helps ensure that employees are protected and have access to necessary benefits in case of work-related injuries or illnesses. Nevada only exempts sole proprietors from this requirement.

WORKERS’ COMP PENALTIES IN NEVADA

The Division of Industrial Relations, Workers' Compensation Section (WCS) oversees employers’ compliance with workers' compensation laws. Employers who fail to provide workers' compensation insurance may face the following penalties:

Administrative fines of up to $15,000
Appropriate premium penalties
Potential closure until the business obtains workers’ compensation insurance
Financial responsibility for all costs arising from a work-related injury
Possible criminal penalties for claims resulting in substantial bodily harm or death

These penalties illustrate the importance of adhering to workers’ compensation insurance requirements in Nevada.

What Does Workers’ Compensation Insurance Cover in Nevada?

Workers' compensation insurance is an essential safeguard for employees who suffer from job-related injuries or illnesses. This protection offers a range of benefits such as medical treatment, disability benefits and a portion of wage replacement while the employee recuperates. It can also aid them in potential legal battles stemming from workplace mishaps.

Although employers, being the policyholders, have a legal responsibility to ensure a secure work environment, unforeseen accidents can still happen. In these situations, workers' compensation insurance plays a vital role in serving as a lifeline for employees, allowing them to get the necessary care and monetary support, all while keeping the employer's interests secure and protected.

Workers’ Compensation Insurance Resources for Employees in Nevada

In Nevada, the Department of Industrial Relations manages workers' compensation, ensuring employees obtain the benefits they are entitled to after work-related injuries or illnesses. To submit a claim, employees must inform their employer about the event, get medical help and fill out a Claim for Compensation form (C-4). The employer must supply this form and send it to their insurance company within an established time limit. Employees can visit the Nevada Department of Industrial Relations website for more information.

Frequently Asked Questions About Workers’ Compensation Insurance in Nevada

MoneyGeek answered some frequently asked questions about workers' compensation insurance in Nevada, aimed at providing essential information and addressing common concerns for employers and employees in the state.

Which company has the best workers’ compensation insurance in Nevada?

Thimble surpasses its Nevada competitors due to its efficient online processes and low average monthly rate of $188. Note that your ideal workers’ compensation insurance provider will depend on various factors, including your industry, number of employees and specific state requirements.

Which company has the cheapest workers’ compensation insurance in Nevada?

Pie offers highly competitive monthly premiums at around $166 for companies with 20 employees. These rates make it an excellent choice for startups or micro businesses. Note that your location, payroll size and the number of employees will determine your rate.

Does Nevada require businesses to have workers’ compensation insurance?

Nevada law requires businesses with more than one employee to obtain workers' compensation insurance. The only exception to this requirement is for sole proprietors.

How much does workers’ compensation insurance cost in Nevada?

The average monthly cost of workers' compensation insurance for a Nevada business with 20 employees is approximately $257, around $89 higher than the national monthly average of $168.

About Melissa Wylie

Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.

Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

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sources

The Division of Industrial Relations. "Workers’ Compensation." Accessed January 3, 2025.
Bureau of Labor Statistics. "Injuries, Illnesses, Fatalities." Accessed January 3, 2025.
Oregon.gov. "2022 Workers’ Compensation Premium Index Rates." Accessed January 3, 2025.