I don’t have the personal hotspot option

That means Verizon has a procedure more involved than "tun on". If you do not want to use your account on verizon.com (I have not set that up for my account), call Verizon customer support.

Does your carrier offer a hotspot with your current package?

When you go to Settings>Cellular>Is "hot spot" or "set up hotspot" listed there?

What happens when you tap on "set up personal hotspot?"

I would also verify with Verizon that you have hotspot included in your package.