It means to take a precaution. For example: "I knew I could make the trip on a half tank of gas but I filled my car up anyway, just to hedge my bets." "Before leaving on my trip, I hedged my bets and left all my contact information with my neighbor."

That is a strange example: there is no software bug (problem), so they fixed it later? I am an engineer, that doesn't make sense! A 'hedge' is a financial term for having a backup strategy (hedge) in place for an investment (bet). A trader could buy shares in a stock that he anticipates (bets) will go higher, and also buying option puts as inexpensive insurance (hedge) in case the stock falls. Devin has a couple of good examples of how the expression can be applied in non-financial situations!