Call/Put option to protect the portfolio

How would you use call and or put option to protect the value of your portfolio? The current value of the portfolio is $10 million. The portfolio is made up of $6 million investment in Ford Motor Company stock and the rest is invested in 3M. The current stock price of Ford is $15 and the price of 3M is $125. The exercise prices of the available Ford and 3M options are $14 and $123.50 respectively