I have suffered this issue since I purchased the Wear. Investigation showed it is related to applications that make use of Active Sync with support of Security Policies - the suspicion being that most clients that do this use some shared code that has therefore a shared issue. The occurence of your issue depends on how often those policies are updated by your corporate email provider, some do this once or twice a day, some do it once a week. The issue applied to pretty much all clients apart from one, this was Boomerang. Boomerang only supported email and not contacts or calendar, and did not take any notice of security policies which is probably why it works.
Still no update as of today (5th August) for any fix for any clients except one. I noticed the paid app "Nine" was updated on 31st July and now had a "compatible with Android Wear" line in its release notes. I downloaded this client under its two week trial. Now after longer than 24 hours ( I suffered re-occurrence four or more times a day before), I still am clear of any problems. I have found "Nine" to actually be a very good client with some good feature additions (conversations implemented well and the ability to have wipe policies at the app level rather than device level) so we shall see if it is worth the $9.99 price after the two weeks - which it will be if Google still has not updated the included Exchange email app. I would be interested in other people's experiences to really confirm this is now solved and will not re-occur.