1. **Protective Put**: This strategy involves buying a put option for an underlying stock that you already own. This acts as an insurance policy, protecting the stock from a decline in price. 

2. **Covered Call**: This strategy involves selling a call option for an underlying stock that you already own. This generates income from the option’s premium and can offer some protection against a slight drop in the price of the underlying stock. However, in exchange, the upside potential is limited.

– Reference: [Investopedia: Protective Put](https://www.investopedia.com/terms/p/protective-put.asp), [Investopedia: Covered Call](https://www.investopedia.com/terms/c/coveredcall.asp)