That may not be enough information to determine whether that is a reasonable quote.  E&O insurance doesn't just cover the current year, for which you estimated $10,000 in revenue.  It covers back to your retro active date, which could be many years ago.  And, the premium is in part based on the amount of work you have done in those prior years.  

If you have been busier in those prior years for which they are covering, but only recently went to part-time, and only recently have reduced revenue, it may still be reasonable.  After-all, a claim could arise on any of the work you have done in the past (depending on the statute of limitations in your state), as well as the work you do this year.  You want to make sure you have coverage if it does. 

Best,
Robert A. Franco
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