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Any damage you sustain during flight will be reported on the details page, if you manage to survive the attack and get to a planet this damage can be repaired for a small cost of 10 credits per point of damage.
If your ship is destroyed it is assumed that you manage to get to an escape pod moments before the final blow and you will find yourself in your pod heading towards the nearest planet at the pods fastest speed. When you are destroyed all of the cargo you had in your hold will be left to float in space for a while before eventually disintegrating although any stocks in warehouses and any money you have will be left untouched. Once you return to a planet you are then free to purchase a new ship as normal.
Note: Banks take a shine to those who have been destroyed and so if this does happen to you and you do not currently have a loan out the bank will give you a loan of minimum 40k credits.
Note: Any missions that you had in progress are failed, and your mission rating decreased accordingly.