I use a can of Topcote spray for my woodworking tools. Spray on, let dry and then buff for a slick surface. This isn't much of a protector either, it's more for day to day use. There are other products out there... I tend to use paste wax during the summer (my shop isn't heated so when the temps hit -40, I don't much care to hang out in the shop!), and in the winter I simply coat the surfaces with a durable oil based product and place plastic sheeting on top, much like the machines were coated and protected when purchased new. It's only during the spring thaw when the machines are colder than the outside air that causes the surfaces to sweat and rust in my case.
When using paste wax, remember that many contain some silicons and can be a problem if you go directly to finishing after machining. Topcote does not contain silicons so it's safer. I always hand plane or sand after machining so using a paste furniture wax is not a problem for me.
Regards
Christian