Question 1:
Yes this absolutely cripples the wizard if he loses his bonded object, hence why most people think that familiars are better, atleast if you have a GM that might try to take your bonded object away. But in short, dont lose your bonded object.
Question 2:
Well you have to risk it in the same way that you risk your party members for it to help you, but if you are afraid it will die you could always just leave it with the horses, camp or whatever, but ofc that will also mean no benifit. Do remember that the penalty for losing a familiar is rather tiny, and you dont get crippled in the same way as for the bonded object.