Lightning arresters and surge arresters are really the same thing. IEEE has stopped using the term "lightning arrester", I believe.
For good protection, you need surge protection on the primary side of the system (this is generally placed at the transformer primary), at the main secondary service panel, and possible at each motor.
Because of the wavefront nature of surge voltages, the closer the arrester to the device it is supposed to protect, the better the protection. Even a few feet can make a big difference. If possible, put surge arrester in the motor terminal box.
And good grounding practices are important as well. Keep grounding connections to surge arresters as short as possible with as few bends as possible.
Check the GE website for some good technical information on surge protection.