In short, YES!
We always recommend that you purchase the AppleCare+ for your Apple Watch. It is probably one of the best investments that you can make for your smartwatch.
Think of it like this, if you purchased the Apple Watch Series 3 for $399 then another $49 ain't gonna hurt!
If you purchase the AppleCare+, you get an additional 2 years of coverage from the purchase date and up to 2 incidents of accidental coverage. To sweeten the deal, you also get 24/7 priority access to customer support via chat or phone.
The only downside to that? Each incident of accidental damage that you claim will be subject to a $69 service fee plus any applicable tax. So coverage can end up costing you up to $187 if you claim both your incidents of accidental damage and only $118 if you claim one.
It still kind of sounds pricey right? So why would we recommend that you purchase the AppleCare+? Because if you accidentally damage your Apple Watch screen and need it replaced (without AppleCare+), you may end up shelling out a minimum of $199 service fee alone depending on which model you have. Out-of-warranty repairs can cost upwards of $800+$2000 for the premium model Apple Watches.
As a cheaper alternative, you could buy the parts directly from a 3rd party seller and do the repair yourself (there are online guides), but that is not for the feint of heart and is usually not recommended unless you really know what you are doing.
However, DIY repair and AppleCare+ may not be for you or may be out of the question. What's the next best thing?
These smartwatch accessories to your Apple Watch are very affordable and offers you the next best line of protection to your watch. Most covers will protect the edges of your watch and some covers even protect your screen too. For covers that don't protect your screen, you have the option of tempered glass protectors. Tempered glass protectors are hardened glass that you place over your screen that is designed to shatter first before damaging your actual Apple Watch screen.
All in all, we always recommend you have some sort of protection or coverage for your Apple Watch, whether it be AppleCare+ or add on accessories like covers and screen protectors. Any level of protection is better than none!