I think if I had a punchure, we are generally fairly close to the shore, so should be ok.
I read that it always good to get your children used to the water and floating in there life jackets, so if something does happen its just like going for a swim and not a big panic.
I have thought about taking my out board off (when on my own, in shallow water) and letting a tube down just to see what happens, but this might be a bit extreme.