Yes, PROTECTIONS is a Scrabble word!

Letter values in Scrabble US: P 3, R 1, O 1, T 1, E 1, C 3, T 1, I 1, O 1, N 1, S 1.

Is it a valid word?

PROTECTIONS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the activity of protecting someone or something
a covering that is intend to protect from damage or injury
defense against financial failure; financial independence
the condition of being protected
kindly endorsement and guidance
the imposition of duties or quotas on imports in order to protect domestic industry against foreign competition
payment extorted by gangsters on threat of violence

Also: protective covering, protective cover, trade protection.