Your data and IP are probably your most valuable assets and your most poorly protected ones. A few hours of deliberate work at the right moments prevents years of pain later.
Insurance is the part of the business most operators ignore until they're in a situation where they wish they hadn't. A few standard policies prevent nearly all catastrophic outcomes.
Risk management is the practice of identifying what could break the business and deciding, explicitly, how much of each risk you're willing to carry. Most companies do it implicitly, and badly.