It is possible, yes. Most general liability contracts are good for one year. And usually, your premium is guaranteed not to change during that time, even if you have a claim.
However, some policies include an adjusted premium, to account for increasing sales or busy seasons. For example, if your Colorado small business is a ski resort that only operates for six months during the year, insurers understand that your risk for a lawsuit is increased during your busy time. You may pay more for insurance during busy season, and less when business is slow.