If you have 2 items with 5% and 2 items with 2% physical Protection, you can take
(1 - 0.05) * (1 - 0.05) * (1 - 0.02) * (1 - 0.02) = 0.95 * 0.95 * 0.98 * 0.98 = 0.866761 . So the sum of your physical protection is 1 - 0.866761 = 0.133239
That means, you will receive around 100 * 0.866761 = 86.6761 % of the damage.