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You should not look at this as the minimum. You should keep in mind that this is protection against lawsuits that may happen. The purpose of insurance is to protect your assets(home, autos, retirement, etc). If the broker that you went to is doing his/her job, they will be giving you the most comprehensive coverage that you need. They may also be including any unforeseen liabilities that may happen. This is protection that you can not afford to be without. The ugly part of doing business is biding your jobs accordingly so that you can afford this valuable coverage. If you feel that the quote that you received is not competitive, then shop around. Also, if you feel that the broker that you went to is not looking out for you and your interest, shop around. You need to find an agent that is willing to look out for you. In the future, the agent and the company that you are with should do an annual audit of you policy or policies. For example, they will look at your payroll/income, workers comp(I know that your the only one right now, keep in mind this is for later on as your business grows). An average cost for a one million dollar liability policy is anywhere from $400 to $800 a year. This figure is area specific. Actuaries are the one who determine the loss ratios and adapt the cost of coverage accordingly. If you have any other questions, just ask. I am just trying to give you a general idea about insurance and things to look for. Remember, it is not about cost, its about protection.
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