The vendor shall obtain and maintain continuously public liability insurance with limits of liability not less than:

$1,000,000.00 each person personal injury,

$1,000,000.00 each occurrence personal injury, and

$1,000,000.00 each occurrence property damage; or insurance coverage specified in the permit or contract, whichever is greater. A vendor operating a vending facility is required by the department to have this insurance and is required to provide proof of insurance to the department on an annual basis. Failure to have this insurance will result in suspension.