Prior to issuance of a license under this chapter, each individual applicant shall file with the city clerk a surety bond or certificate of insurance of general liability in the amount of ten thousand dollars ($10,000.00), made by a duly qualified bonding or insurance company licensed to do business in the state. Each company filing an application for a license under this chapter may file a one hundred thousand dollar ($100,000.00) bond or certificate of insurance which will eliminate the necessity of its employees filing individual bonds or certificates. The appropriate bond or certificate of insurance shall be renewed and filed annually with the application for renewal. A copy of a general liability bond or certificate of insurance on file with the state will satisfy the requirements of this section. (Prior Code, Sec. 5-30)