Elevator contractors shall submit proof of insurance to the department for an insurance policy issued by an insurance company or other legal entity permitted to transact insurance business in Kentucky, providing:
(1) General liability coverage of at least one million dollars ($1,000,000) for injury or death of any number of persons in any one (1) occurrence;
(2) Coverage of at least five hundred thousand dollars ($500,000) for property damage in any one (1) occurrence; and (3) Statutory workers' compensation insurance coverage.