A circuit breaker detects potentially dangerous faults in the appliance and will disconnect the power in the event of a fault. There are a variety of different types of circuit breaker which serve different purposes:
- Overcurrent circuit breaker - detects overloads and short circuits (most common type, virtually all circuit breakers have this type of function). This is to prevent overheating wiring or plugs/receptacles.
- Earth leakage circuit breaker (also called ground fault or residual current circuit breakers) - detects electricity that 'leaks' from an appliance to ground, but not via the power cord. E.g. a loose wire inside the appliance touches the metal case, and a person touches the metal case completing the circuit to ground. This type of circuit breaker will disconnect the power before there is enough time to deliver a fatal shock.
- Arc fault circuit breaker - detects arcing/sparking which may pose a fire risk.
The latter 2 types are specialised, and expensive - but are used where required for safety, and in certain circumstances their use is required by electrical codes. E.g. it's good practice for any portable power tool or any receptacle which could be used to power an outside applicance shoudl be fitted with an earth leakage breaker.
A surge protector diverts surges of energy that occasionally flow in power grids. There are many causes of pwer surges - e.g. lightning strikes, large motors (e.g. AC units), nearby industrial equipment. These can cause damage to sensitive electronic equipment. The protector will divert some of the energy away from the equipment in an attempt to prevent damage.
Electrical surges vary in frequency and severity. If you live in an area with frequent storms, you are more at risk than a more temperate area. If your power comes via long overhead lines, you are more at risk, than if you live in a city center where lines are short and buried underground. If you have heavy industrial equipment nearby (e.g. the farmhouse with large grain dryers nearby) you are at higher risk.
All sensitive electronic equipment contains basic level surge protection, sufficient for the minor surges from AC units, refrigerators, etc. However, it won't be sufficient for larger surges. That said, no surge protector for home type use will protect from a major surge (e.g. due to a lightning strike in the neighborhood).
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The squid should have a circuit breaker on, so that you avoid overloading the receptacle you are plugging the squid into. A surge protector may be useful if you have substantial expensive equipment, but is not essential - if you've got $10ks worth of plasma TV, HTPC, and other stuff, then you may consider the surge protector as a form of 'insurance'. If you do decide you want a surge protector, it will only really offer useful protection for equipment plugged directly into it.