Best Workers' Compensation Insurance in Nevada (2024)

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.

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.

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 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 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.

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.

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.

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:

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' 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.

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.

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.