All magnets in the water have to be coated obviously. But not all coatings are created equal.
I've had many magnet coatings fail over the years, exposing the magnet itself. Frag racks, magnetic glass cleaners & thermometers in my case. Luckily I got them out quickly and there was no damage to tank life that I know of.
But I operate under the assumption that these hi powered magnets are toxic and try to regularly inspect them when I'm handling of cleaning equipment that use them.