Just use GETDATE()
or GETUTCDATE()
(if you want to get the "universal" UTC time, instead of your local server's time-zone related time).
INSERT INTO [Business]
([IsDeleted]
,[FirstName]
,[LastName]
,[LastUpdated]
,[LastUpdatedBy])
VALUES
(0, 'Joe', 'Thomas',
GETDATE(), <LastUpdatedBy, nvarchar(50),>)