Max allowed measurements error
The only component I can think of which might be damaged by an error in the order of 1% is the charge voltage for lithium based cells. Even with those, that sort of error will change the lifetime number of cycles, rather than cause prompt damage.

You can expect even the cheapest meter to have been checked in the factory to its specification.

If you have several meters, or can borrow one from a friend or school, then you can compare them. 

I bought a voltage reference IC, specified to be accurate to 0.1%, for around £2, to check my multimeters. Actually, ever paranoid, I bought two, so that I could compare them as well.