One caveat, though. You should generally avoid plugging microphones (including dynamic mics) into a mixer or whatever while phantom power is on.
Turn off phantom and allow it to discharge for... probably at least a minute or so before plugging a mic into a jack that was previously empty or unplugging a dynamic mic from a previously hot jack. If the jack had a condenser microphone plugged into it, a second or two should probably be sufficient to dissipate any remaining charge, I would think, but if you still hear output from the condenser mic reaching the board, you haven't waited long enough.