It depends on the hazard.
Moving hazards (such as floor saws):
-Easy Solution: Remove the code that makes it move from the PY.
-Best Solution: Do the above and remove all the associated objects, constraints, and RBCOLLECTION references.
Non-moving hazards that eliminate bots (such as pits):
-Easy Solution: Stop the cover from moving by removing the movement code from the PY. If a cover doesn't exist, add an unmovable object that fills or covers it.
-Best Solution: Change the floor so that the hole is no longer there.
Non-moving hazards that do damage (such as wall spikes):
-Easy Solution: Stop it from doing damage by changing the material in the PY.
-Best Solution: Remove the spikes from the GMF.