You need to consider what you're trying to do, how many cells you're using, and consider what you're trying to 'protect'.
If you're using one cell, or single cells in parallel, the main 'protection' is to prevent the cells getting over-discharged, which kills them.
If you're putting cells in series then a protection board that also balances the charge is a good idea. However, plenty of commercial equipment doesn't balance charge - and as always with batteries it's essential to use identical ones, and not mix old and new.