The Risk Manager may, if after proper investigation he or she deems it to be in the best interests of the state, purchase a policy or policies of insurance for investigation, servicing, and payment, or any one or two of such factors, of workers’ compensation to protect the agencies and their employees. Such policy or policies shall contain such conditions, requirements, limitations, and amounts deemed necessary by the Risk Manager. The Risk Manager shall purchase such policy or policies by public letting and payment shall be made therefor out of the State Insurance Fund created pursuant to section 81-8,239.02.