To provide a protection element evens the amount of flux on a fusible conductor and improves variations in fusing characteristics. A protection element is provided with: an insulated substrate; a heating body; an insulating member; two electrodes; a heating body internal electrode; a fusible conductor which is stacked over the two electrodes from the heating body internal electrode and fuses a current path between the two electrodes by heating; a flux coated on the fusible conductor so as to superimpose on the heating body; and a cover member attached to the insulated substrate covering at least the fusible conductor. The cover member has a cylindrical protrusion formed on an inner surface of the cover member so as to contact the flux, and a communication hole communicating with the inner surface side of the cover member from the protrusion is opened on a side wall surface of the cover member.