Dr.
I agree that the stop/start switch linked to by Old Mart will be suitable to provide no-volt release protection for the supply to your lathe and is best fitted within easy reach when operating the lathe.
You may wish to consider fitting a DOL (Direct on Line) starter complete with an overload rated to provide overload protection to your motor, the overload tripping range needs to suit the motor FLC on the motor plate.
If it is not possible to fit the starter so the operating buttons are easily accessable when using the lathe remote start/stop/emergency buttons can be wired into the starter control circuit.
This would cost more than the NVR protection switch but would provide NVR and overload protection.
As we have no knowledge of your existing electrical supply and distribution method it is difficult to advise on fitting additional safety units but I would advise all 13A socket outlets have RCCB protection rated at 30ma tripping current, especially for hand held earthed equipment and electrical equipment operated outside.
I am not certain but I believe to comply with current electrical regulations it is now mandatory to provide RCCB (Residual current circuit breaker) protection to all circuits.
If this is the case it can be achieved by the use of a suitably rated RCCB supplying all final circuit protective devices fitted in the distribution board, power to the RCCB direct from the main switch.
The problem with this arrangement is if one circuit has a fault the power is lost to all circuits.
It is usual now to fit RCBO devices which provided overcurrent and balanced load protection to individual circuits.
Emgee