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This paper presents a design specification of the small-sized lead inserted laminated rubber bearing (LRB) for application to nuclear component seismic isolation and describes the results of test verification on design performance parameters such as effective horizontal stiffness, equivalent viscous damping ratio, design seismic isolation frequency, and ultimate shear deformation. To do this, two types of LRB, having the same vertical design load of 10 kN but with different shape factors, are designed, fabricated, and tested by the quasi-static procedures. To determine the effective horizontal stiffness and the equivalent damping value from the test results, the new method is proposed and compared with the methods of the ASCE and ISO standards in case that the tangential stiffness curve is not linear in tests. From the comparison between tests and design specifications in the performance parameters, it was found that the design specifications developed in this paper are in a good agreement with the test results. Furthermore, the target design shear deformation limits are confirmed to have sufficient design margins in ultimate shear deformation tests.