Internet-connected devices generate service function chain (SFC) requests for reliability-sensitive applications such as smart factories and intelligent healthcare. To facilitate reliable SFCs provisioning, one can employ the dedicated SFC protection approaches to protect the primary service function path (SFP) by constructing a fault-disjointed backup SFP. Notably, the construction processes of the fault-disjointed primary and backup SFPs are interdependent, and the direct application of existing SFC embedding approaches to construct these SFPs in separate processes may not effectively optimize the overall resource consumption. In this work, for the first time, we comprehensively study how to embed and protect an SFC in collaborative processes that yield provable bounds. We formally define the problem of SFC embedding and protection (SFCEP), for which we develop novel techniques of backup SFP identifier (BSI) and resource-aware Bellman-Ford's loop (RBL) to address the challenges posed by the collaborative embedding and protection. Based on these techniques, we propose an efficient algorithm called optimal SFC embedding and protection (Opt-SEP). When the network resources are sufficient to accommodate an incoming SFC request, we prove that Opt-SEP can minimize the overall resource cost in creating a pair of fault-disjointed primary and backup SFPs. Meanwhile, when the network resources are limited, our extensive simulation results show that Opt-SEP significantly outperforms the benchmarks.