Much depends on where and who will use it. If the motor is 370W and not supplied as an all integral unit to EU or British standards then the control gear has to conform with set standards to comply with HSE regulations, this includes not auto restating and having overloads. However this does not really apply to domestic, only where some one is at work. So a simple drill for home use can have a button to lock it on, but not for industrial use, a grinding wheel for home use simple on/off switch, at work needs something so after a power failure it will not auto restart, I often used an active RCD to do this.
So if you want to take the unit into some one else's house to fit their work top it needs to comply with HSE requirements, if not you do your own risk assessment. So the contactor and overload will comply, but question is does it need to comply, as said there are other ways to have a no volt release including using an active RCD.