If you have to cancel your insurance, within your business insurance policy there will be a clause setting out the conditions under which the policy may be cancelled by notice.  A period of cancellation notice can be from 48 hours to 3 months.  In most cases this will result in a return premium being paid by the insurer to the insured.

Cancellation therefore is termination of a policy, before it due to expire at the end of the full insurance policy term.