If you really believe in the particular stocks, then don't worry about their daily price. Overall if the company is sound, and presumably paying a dividend, then you're in it for the long haul.
Notwithstanding that, it is reasonable to look for a way out. The two you describe are quite different in their specifics.
Selling sounds like the simpler of the two, but the trigger event, and if it is automatic or "manual" matters. If you are happy to put in a sell order at some time in the future, then just go ahead with that.
Many brokers can place a STOP order, that will trigger on a certain price threshold being hit. Do note, however, that by default this would place a market order, and depending on the price that breaks through, in the event of a flash crash, depending on how fast the brokers systems were, you could find yourself selling quite cheaply.
A STOP LIMIT order will place a limit order at a triggered price. This would limit your overall downside loss, but you might not sell at all if the market is really running away.
Options are another reasonable way to deal with the situation, sort of like insurance. In this case you would likely buy a PUT, which would give you the right, but not the obligation to sell the stock at the price the that was specified in the option. In this case, no matter what, you are out the price of the option itself (hence my allusion to insurance), but if the event never happens then that was the price you paid to have that peace of mind.
I cannot council a specific course of action, but hopefully that fleshed out the options you have.