You can flash it without deleting your data
here is how
I use the Nexus root Tool kit
http://www.wugfresh.com/nrt/
download the Files from Google for your nexus 4
https://dl.google.com/dl/android/aosp/occam-lmy48m-factory-03ae06e5.tgz
place the File downloaded file on your desktop.
Now Run The Nexus root Tool Kit Follow The promps till get main page as seen Below
Follow the arrows in my Photos
Then
Follow the arrows Below to not lose your data
Press okay then Follow the Prompts the Rest of way
Then Android will update itself
it should take around 20 mins give or take