(1) maintain commercial general liability insurance, including errors and omissions and completed operations with a $1,000,000 total aggregate minimum; and

(2) submit proof of the required insurance to the Secretary.

(b) (1) If an applicant for a license intends to employ five or more individuals as security guards, the applicant shall submit proof of the liability insurance required under subsection (a) of this section to the Secretary with the license application.

(2) The Secretary may not issue a license to an applicant to whom the insurance requirements of this section would apply unless the applicant submits proof of the insurance.

(c) If the insurance required for a security guard agency under this section is canceled, forfeited, or otherwise terminated, both the security guard agency and the insurer shall notify the Secretary.

(d) If a security guard agency fails to maintain the liability insurance required under this section, the license of the security guard agency:

(1) is suspended automatically;

(2) shall remain suspended until the agency complies with the requirements; and

(3) may not be reinstated until the agency submits proof of the required insurance to the Secretary.