For more than 20 years we have proclaimed the virtues and necessity of protecting the INPUT to a UPS system with a surge protective device (SPD).
While there is no panacea or "one size fits all" when it comes to power protection; a UPS system comes the closest. A quality, True on Line Double Conversion UPS will provide it all in one box; Voltage Regulation, Power Conditioning, Battery Back Up, plus limited surge protection (i.e. maybe just a couple of MOV's).
UPS manufacturers have touted the surge suppression built into their wares; we have seen and heard real life nightmares of critical and expensive equipment supported by a UPS system taken out by a surge or lightning strike.
Recently Surge Suppression Incorporated conducted tests on UPS devices from well known UPS manufacturers using three different UPS typologies: stand by, line interactive and double conversion.
Learn about surge protection and how we saved our electrical appliances in a large hurricane.