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Grace Period

Extra time after a policy's expiration date when a small business can still be covered.

Generally speaking, your insurance provider will allow you a "grace period" after a late or missing premium that allows you a little "wiggle room" if you're having trouble cobbling together the payment. You're still insured during this period, but coverage only lasts about 30 days.

If you still haven't paid by the end of your insurer's grace period, it has the right to cancel your policy. In many cases, insurance companies see previous cancellations as a red flag and may charge higher premiums to applicants with a cancellation-riddled history.

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