Everytime this topic rears it's ugly head on the forum it just starts a big pissing match so I'm going to just address the OP's original question.
@ghoststrat said:
I'm wondering if there's something else that can be done to mitigate a potential loss through breakage (normal attrophy), fire/natural disasters, theft, etc. The main thing I'm concerned about is that it may just stop working one day, as computer things tend to do.
If the key is within the two year warranty and there isn't any obvious operator negligence issues (you weren't using it to open beer bottles or something) then just send it in and you should be covered. But it is a good idea to have an extra key handy so that VSL can send you some demo licenses to hold you over until they can verify the licences on your defective key and get you back up and running again. That is, if VSL would be willing to do that😃
I have it in writing with my homeowner's insurance company that "THE SOFTWARE LICENSES ON THE KEY" (not just the key itself) will be covered in the event of loss due to theft, fire, or natural disaster. As long as the loss or damage occurs at home I am covered😊 But get it in writing.
If the key was damaged/stolen/losed outside the curtilage of my home, I'm screwed😔
So, if you keep your key at home and it doesn't leave then look to see what your home owner's insurance offers, if anything.