Before the license required in § 866.01 is issued, the applicant therefor shall execute and file, with the City Clerk, a bond, with sureties to be approved by the Mayor, in the penal sum of $10,000, conditioned to save and keep harmless and indemnify the city from any and all loss, damage, cost, expense or liability of any kind which the city may suffer, or be put to, or which may be recovered from it, from or by reason of any act or thing done or neglected to be done by the applicant or any of his or her employees under and by virtue of the authority or neglect of the applicant or his or her employees to observe or comply with this chapter.