Every person required by section 18.3 of this Code to have a business license, shall, as a prerequisite to the procurement of such license, provide evidence to the city clerk that he is the holder of public liability insurance in an amount not less than ten thousand dollars and property damage insurance in an amount not less than five thousand dollars. Such insurance must be carried by an insurance company authorized to transact business in the state. (Ord. No. 468, § 4.)