Insurers have the right to cancel your business insurance policy at any time. However, they have to give the required period of notice, usually between 7-28 days. And they must refund your premium on a pro-rata basis, that is the full proportion of the unexpired period of the business insurance policy. In practice, cancelling a policy mid-term is exceptional. If you cancel your business insurance policy, then insurers may charge special rates for the shorter period that you have had the policy, although they may return pro-rata if, for example, you have sold the property insured.