By far the most effective safety measure is to keep the rubber side down. Lay out some cones etc in an empty car park and practice your bike handling skills. Do maneuvers such as a slalom, figure of eight, emergency stop and obstacle avoidance. This takes care of accidents due to losing control of the bike- you've practiced all the moves in a safe environment. Next is to be assertive and above all visible on the road. This helps avoid getting into accidents involving other vehicles.

On to actual safety equipment, all I wear is a pair of leather gloves. Instinctively, if you fall off you will put out an arm to protect the more squishy parts from harm, and this can really take the skin off your hands. Motorcycle gloves would be ideal. Elbow and knee protectors may also help in some falls. Some people wear helmets, some people don't (it can be a touchy subject)

My advice with all safety equipment is to know what it can and can't do, and make an informed judgement based on the level of protection vs risk of injury. Some types of riding warrant more safety gear than others.