If you own a domain name (or several) which you depend on, go ahead and lock them down for the long term by renewing your registration for several (i.e. 5 or more) years. The cost, typically, is relatively minimal and you insure your domain ownership will not lapse.
If you operate a business, having your domain name lapse is disastrous. Not only do you lose your website and email, but a ‘squatter’ could snatch the domain name and want a ridiculous price for it. Not to mention, the new domain owner now controls both where your website goes and the flow of your email.
Think about that for a few minutes…

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Absolutely true – it’s also critical to have all the variations e.g. .com, .co.uk if applicable, .org, etc – it would be awful to spend ages building your brand only to have someone trade off your back!