Some quick math on the matter - VSWR is usually expressed in a ratio of the form X:1, where X can be any real number above one (integer or not). The percentage of actual reflected power can be obtained by dividing (X-1) by (X+1), then squaring the result and multiplying by 100.
For instance - if the SWR is 1.6:1, (0.6 / 2.6) = .23077; .23077 squared = .05325, meaning 5.325% of the transmitter power output is being reflected. For an SWR of 3:1, (2/4) squared = .25, meaning 25% reflection. It's one of those misleading logarithmic scales - the arithmetic equivalents go up pretty quickly! 3:1 and even 4:1 are not unheard of in mobile ham or CB applications, but hopefully, your broadcast installation will rarely have to deal with figures greater than 2:1. (There are, however, a few stories of antenna feedline actually "flashing over" at SWR's above 10:1, due to the peak amplitudes of the standing waves generated in the coax by reflected power! For a full-powered class C with, say, a TPO of 12.5 kW into a bay system providing 9 dB of gain... 10:1 would mean about 9500 watts of RF coming back down that cable!)
As far as the transmitter itself... the only transmitter I've seen "up close and personal" was at my college FM station in Iowa, so I'm not familiar with any FM equipment stronger than 500 watts. I believe ours was rated to operate with a SWR as high as 5:1. (However, I'm not sure when the actual overload protection kicked in and began to ratchet down the power.) Many British community stations use equipment from an outfit called NRG, which claims overload protection as high as 10:1 for its 40-watt transmitters.