Surge Protection vs Overload Protection
A surge protector is a device designed to protect electrical devices from voltage spikes. A surge protector attempts to limit the voltage supplied to an electric device by either blocking or shorting to ground any unwanted voltages above a safe threshold.
The red protection light indicates that your surge protector is providing surge protection for your equipment. If the red light is out, it means that the surge protector has been damaged by a severe surge and a new one should be purchased.
An Overload Protector is a device designed to protect electrical equipment from over current that would cause overheating and potential fire hazard. The Overload Protector (or Circuit Breaker) will safely shut off power in the event of overloading. After eliminating the overload it can be reset by pressing the Overload reset button.