Here’s an application note from Maxim describing hot-swap circuits, and the advantages of dedicated hot-swap ICs over discrete component circuits:
There are many approaches for protecting a system against electrostatic discharge (ESD), surge current, overcurrent, undervoltage, overvoltage, and other disruptions to power. Industry, company, or regulatory standards such as UL®, USB, IEEE®, CSA, or IEC often require circuit protection. This application note discusses hot-swap ICs. Typical hot-swap circuits are described and the advantages of different hot-swap circuits are explained.