Traps, and similar situations (ambushes, exploding opponents), can not wipe the party (the 2 main characters are what count), if the entire party isn't grouped together. Keeping a main character in reserve would leave you short-handed in combat, though, depending on if or how long they are held back.
In terms of bugs, I can only recall one situation offhand, which is more of a design issue. On the second main map, there are some mines you need to explore, which after you complete are flooded with lava. Due to the way waypoints are added and removed from the list, the ones in the mine will remain accessible until you save the game and reload, so you could wipe the party by finishing the mines, exploring the next section (that is safe to return to), escaping and then teleporting into the mine. I don't recall if re-entering from the main entrance would be fatal, if you take your whole party, or if there is some safe ground to stand on.
