An authorized inspection agency shall have general liability insurance and professional liability insurance to cover its inspection activities. An insurance policy required by this section shall be issued by an insurance company authorized to do business in Maryland. The insurance policy shall be in the amount of at least $500,000 for injury or death for any number of individuals in any single occurrence, and $100,000 for property damage in any single occurrence. The authorized inspection agency shall notify the Commissioner of any alterations or cancellations within 5 business days.