I don't keep water running. I bought pipe insulation from places like Home Depot or Lowes. In Calgary, the water pipes are usually OK inside the house with heat running but in the basements, they are vulnerable. And the insulation is excellent for preventing bumps. I had a granite coffee table, a flat sheet of granite top on a small base
plus a kitchen island with eating extension in the house in Calgary. Dangerous when there were a horde of toddlers (Jr. and his cousins) at that time. So I wrapped the insulation on all sharp/protruded corners/edges in my house.
In one of the family gathering, my nephew was so happy running around the kitchen and he ran right into the granite counter with his cheek making contact. (I still had the slow motion video kept replaying in my head) His head bounced back because of the insulation and fell backward with his head hitting the floor. Glad the floor was hardwood, not tile in the kitchen. He just bounced up and kept running.
It all happened in less than 5 seconds.