Spoiler warningSpoiler warning
Attackers cannot kill your settlers, in fact only your missile turrets and artillery can kill them, and anything damaged or broken in the attack will repair itself over time.
For example, I missed the alert that a settlement was under attack and needed backup. When I got the alert that my settlement had been destroyed (I can't remember exactly what the alert said) I went to inspect the damage. Every settler was alive, but all my defense turrets, power generators, crops, and what have you were broken (not destroyed). I went through and repaired all that I could and went to buy resources to repair what I couldn't. When I came back everything had repaired itself.
So settlers can't die (thank god because their AI is programmed to death wish) and broken stuff repairs itself. I build defense turrets because I enjoy doing so and want my water purifiers and artillery functional at all times, but I'm curious if there is any permanent damage attackers can do.
TL;DR: My experience has shown that settlers can not be killed by attackers and gear (shops, crop, generators, etc) cannot be permanently damaged or broken (they even repair themselves). Is that accurate? Have you had anything worse happen as a result of an attack (aside from missile turrets or artillery strikes blowing your stuff up) ?
I ask because I get my big moneys from 2 settlements (that are guarded better than Fort Knox). The rest I use solely for artillery and would save a lot of time and