Mikesh,
Our current solution is to use a manual resettable current trip - external device.
Now though we are trying to use a dual voltage motor (see my other post) so that we can standardise machines for US(110) and European (230vac) markets. Problem is the current will differ by a factor of 2 and so the current trips would have to be different for both. Hence looking at using the inbuilt thermal switch in motor.