If you really want to protect a piece of equipment, you need overload or protection relays. These come in various types for various applications, motor overload

If you really want to protect a piece of equipment, you need overload or protection relays. These come in various types for various applications, motor overloads, phase loss relays, and ground fault protection relays are a few types. A three-phase motor circuit (VFD or starter controlled) has either thermal or solid-state overloads after the contactor to protect the motor and wiring in the event of a motor short, any upstream fuses or circuit breakers are just for overcurrent protection.