I wasn't aware it was possible to do both?

When I open Electrum and run through the options for setting up a new wallet using my Ledger, I only get the page that offers to encrypt my wallet, and I don't get the page that offers to password protect it like I would if I was to set up a new wallet with Electrum generating the seed. Am I missing something?

Or I suppose OP could mean he had password protected the file with a third party program?