We propose and analyze a technique that allows one to suppress inelastic collisions and simultaneously enhance elastic interactions between cold polar molecules. The main idea is to cancel the leading dipole-dipole interaction with a suitable combination of static electric and microwave fields in such a way that the remaining van der Waals-type potential forms a three-dimensional repulsive shield. We analyze the elastic and inelastic scattering cross sections relevant for evaporative cooling of polar molecules and discuss the prospect for the creation of stable crystalline structures.