Once I heard there was a producer who decided to add this EQ for the final master of a new group's breakout album:
30-50hz: 2db
51-100hz: 4db
101-170hz: 3db
Unfortunately, everybody who listened to it had their headphones and speakers explode...
No really, what were you expecting?
The headphones don't know the difference. If the levels aren't way too high, then they won't be damaged. For most decent headphones, you will damage your ears from the music being too loud, before you damage the headphones.
Depending on how the EQ is implemented, you do want to cut rather than boost, to avoid digital clipping, as has been pointed out.