Hi Sundance,
Looking back at the file you uploaded, it looks like you have a couple other things working against you.
1. in your camera imager you have pre-mulitply alpha and Disable partial alpha ticked. This is giving you an aliased edge.
2. your white background is rendered
with the product in your current setup, and that is what you are seeing on the edge.
I'd suggest reading up on the
Render Layer system and using that method.
https://vimeo.com/119848103 - this is an old version of octane, so the settings look different, but the technique remains similar.
The photoshop end of it will be similar if not the same, but you'll get your object(s) rendered without the background.
If you don't want to use render layer, unticking those camera imager settings should get you a tighter (anti-aliased) edge, and from there you could use Select > Modify > Contract…(1px) in photoshop on your mask selection.
OSX 10.12.4 | Intel 12 core @ 3.33 ghz | 128 gb ram | NVIDIA GeForce GTX 1080TI | Ubuntu Linux slave with 3x 1080ti