The standard I learned while I studied sound engineering in Arizona is try reducing everything by 5dB on the Centroid to give you headroom. If you need more, go for it. It's easier to turn everything up later than to go back and turn everything down :)
Headroom is the distance between your loudest peak and 0dB.
So yeah, turn everything down and you'll get more headroom. You could also find the sound that is peaking, and turn that down and also get more headroom but this changes the overall dynamics of the mix too.
My trick is to add a tiny gain with +6dB boost to my master channel when I'm producing/mixing. Then I remove that at the end and I'll have the perfect amount of headroom for me to work with when mastering.
The standard I learned while I studied sound engineering in Arizona is try reducing everything by 5dB on the Centroid to give you headroom. If you need more, go for it. It's easier to turn everything up later than to go back and turn everything down :)