Nah, that is a rip off, even at 300k. Use it as a starting point but you should be able to nearly half that.
The other problem might be a new company so no real way of gauging the risk. Our insurance history is we started for the first couple of years fairly cheap although it did go up quite steeply year on year before rising to a level that would have choked a donkey and put many a man to the wall until it finally started going down some time around year 8.
It's a fickle business but good luck.