If the exposed wire is a worry, try liquid elecetrical tape. It's great stuff imo. Kinda dries like rubber. Slightly inconsistant in viscosity, I'd use a thicker glob as a filler if overall dia./ gauge is a concern; and dress with a swap or cheap-o watercolor brush. Come to think of it, there is/was a "liquid rubber" at one time to, that I am pretty sure was the same basic product. I never used "Dip it" coating but imagine that's similar too.
Silicone (household or "gasket maker") can be used, but imo Lq.E. Tape grips wire insulation and metal better, and has a bit more flex/pull before losing its grip.
It's also nice to have for the times that you forget to slip the shrink tube onto the wire before you attach THAT terminal.
..... You know THAT terminal. The one you have no extras of 
