I used to frequent the Steinberg forums quite often and always heard that they won't replace a lost dongle. Basically, if you lose it you're screwed and have to buy the software again!
Also, if it gets damaged, you have to post it to Steinberg and cannot use the software until the replacement comes. I would be very leery gigging with that flimsy thing sticking out of my laptop. I have never gigged with my Cubase software yet have managed to break my dongle.
One thing you could do is build some sort of tiny but solid casing for the dongle and plug it into the laptop with a USB extension cable.
Carrie