Check out this lens cap for the Olympus XZ-1. It not only keeps your lens safe, but it also looks cool, like your camera was made for a James Bond villain. This is a great design. Most manual lens caps will just dangle and get in the way, but this retractable lens cap splits apart and slides back into place when not in use.
If you want one, it will cost you about $90 including shipping from Japan. Seems like money well spent to us.