well if you have a dividend paying stock and the stock price drops, the yield goes up. That's automatic and it's a bit of a built in hedge right there.
Dividend reinvestment is good too, if you're generally a fan of the stock - when the price drops, your reinvested dividend "buys" more
And if you're enrolled in a DRIP, it's the only way, that I know of, where you are able to buy fractional shares. Organized record keeping is paramount when investing in DRIPS.
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