There are Murphy brand sensors and actuators (rack closer), plus controllers for doing auto shutdowns.
My system is all homebrew and ebay bargain (vibration sensing switch). I have air, and needed remote start, so use homebrew pneumatic actuators for rack closing and decompression, they are always applied together, as the original Lister Startomatic did.
Plenty of guys here have very fancy monitor/shutdown systems.
The simplest thing I tried that worked well for emergency shutoff was a brass wire on a terminal strip to hold the end of the governor spring. With 12V applied, the brass wire goes poof, the spring is released, and the rack is closed by the governor forces. This would not stop the engine in case of some governor failures or IP jam, but would be fine for other failures. The Murphy fuel shutoff has been reported to work, the one I tried did not; the IP was able to create so much suction that it leaked.
For over temperature switch, I used an adjustable snap disk type thermostat weld bonded to the cylinder head.
For oil level, I use a sight tube with magnet in a plastic float, and reed switches to sense high and low oil. RPM is sensed by a gear tooth sensor next to the flywheel spokes and my homebrew PICaxe controller.