Along with regular checks on the warehouse racking structure, it should also be a policy of each company to have forklift accidents reported no matter how insignificant it may seem. According to the Australian Standard AS4084-2012, you are required to have warehouse racking safety audits
on a regular basis, states at least every twelve months. From the report of an inspector they will list out the damages and the recommended remedy to fix the hazard.
So to answer the question yes preventing pallet racking damage is the safest option for any business. It is too late to leave your damaged racking until it's past the point of repair, not only will it pose a significant threat to those working within the warehouse but the cost to replace a collapse racking structure is significantly higher than the cost of repairs.