When you say password-protected... you mean you exported your private keys from MultiBit Classic and entered a password to encrypt the backup file right?
If so, then no... there is no way to just import that password protected file into Electrum. It was created by whatever method MBC choose to encrypt the file (Some AES256 derivative I believe). Why would you expect Electrum to be able to read it?
You need the unencrypted keys. You can import a file that contains a list of unencrypted keys. Technically, it should just be a plain file with one private key per line, but Electrum will even read in an unencrypted multibit export file... it'll just complain about all the comments and date and time stamps
NOTE: you won't be able to import a multibit file with all the comments when you first create the wallet... only if you select "Wallet" -> "Private Keys" -> "Import" once the wallet is already created
Also, you can not import private keys into an HD wallet. You have to create it as an old style keystore wallet as per the instructions here:
http://docs.electrum.org/en/latest/faq.html#can-i-import-private-keys-from-other-bitcoin-clientsIf exporting non-password protected keys is not an option, you can decrypt the file you do have by following the instructions here:
https://github.com/keepkey/multibit/wiki/Export%20and%20limited%20import%20of%20private%20keys#development-notes