Elevator inspectors, not employed by the authority having jurisdiction, shall submit to the Department of Labor an insurance policy, or certified copy thereof, issued by an insurance company authorized to do business in the state to provide general liability coverage of at least One Million Dollars ($1,000,000.00) for injury or death of any number of persons in any one occurrence and with coverage of at least Five Hundred Thousand Dollars ($500,000.00) for property damage in any one occurrence and the statutory workers' compensation insurance coverage.