Broker E&O insurance

[Benjamin L.]

Hope I can get some advice here...setting up a RE brokerage in Texas and needing to get E&O insurance that covers $1 million per incident, in accordance with the Texas Real Estate Commission guidelines.

I received my first quote today, and the annual premium was about $4500.  That seemed high.

Brokerage will have one licensed agent, who will purchase between 200 - 250 properties in 2021 and probably sell zero.

Is this quote in line?  Any suggestions would be greatly appreciated.