"protective umbrella" is correct and usable in written English.
You can use it to refer to a metaphor for something that provides safety or security from damage or harm. For example: "The government's new policy provides a protective umbrella for businesses in the region."
Because securities firms are now under the Fed's protective umbrella, they must start operating as safely and soundly as banks.
Small principalities with huge U.S. Air Force bases, like Qatar, might choose to rely on an American protective umbrella.
The weakening of this protective umbrella has had direct implications, such as a large increase in skin cancer in Australia.
"Here's a way for your cat to go outside and enjoy the outdoors, but under a protective umbrella," he said.
The problem would be worse, Mr. Yan said, if a Bush administration offered nuclear defenses to other areas of the world, and included Taiwan under that protective umbrella.
"His big numbers don't necessarily mean that you're safe, don't necessarily provide a protective umbrella," said Bill McInturff of Public Opinion Strategies group.
Officials and businessmen looked out for each other by organizing themselves into "protective umbrellas," a step in what Chinese scholars have termed the "mafiazation" of the state.
Each time Pavin has been asked about Woods, including Monday, he has taken pains to put him under the protective team umbrella.
So that's presumably why it decided to jettison some of its independence as an institution and move in under this protective financial umbrella.
In its symbolic and protective role, the umbrella can be compared to the baldachin (canopy) in many of its forms.
Athena Robles turns a particular protective accessory, the umbrella, into an open-weave dome from which handwritten scraps of personal correspondence rain down.
