Where the license officer deems it necessary and advisable, the license officer may require the applicant or licensee to maintain casualty or liability insurance in an amount and of a nature to be prescribed during all periods that the licensee engages in business in the city in order to afford adequate protection to those who patronize such business, and an applicant or licensee accepts such requirement as a further condition of the licensee’s right to do business in the city. (2003 Code)