Avoid elemental damage
If you equip the Cursed Ring and a set of armor that offers elemental protection. You will now absorb the damage from that element at the cost of reducing your physical defense. For example, when used with the Dragon and Crystal Armor it will absorb all elements.
Avoid physical damage
Cast the Blink spell (White Magic) on your characters to have them immune to physical damage for a short amount of time. Rosa, Kain, Ceodore, and Fusoya can cast Blink.