Except as otherwise provided in §
33-8 of this chapter, no license shall be issued pursuant to the chapter until the applicant therefor shall have first filed with the Village Administrator, without cost to the village, satisfactory evidence of public liability insurance in an amount of not less than five hundred thousand dollars ($500,000.) for any one (1) person and not less than one million dollars ($1,000,000.) for any one (1) accident and property damage insurance in the amount of not less than twenty-five thousand dollars ($25,000.) for any one (1) accident and fifty thousand dollars ($50,000.) in the aggregate, to insure the village against any loss, injury or damage arising out of the granting of such license or from any negligence or fault of such applicant or his or its agents, servants or employees, in connection with said opening or with any work related thereto. Such insurance must remain in force throughout the effective period of the license and during the period of any authorized extensions thereof. Proof of workmen's compensation coverage for employees shall also be required.