Pushing the panic button is probably what you would do but let's take a step back and first assess the situation. Under intense pressure, we are programmed to make a split second decision that would make or break our future career. It's extremely important not to get peer pressured into making a decision you would later regret. Calmly think about what your options are, find out the extent of the damage and what your backup plan is if things don't pan out the way you would expect them to. Gather all the facts, spend a good amount of time determining what is broken and then make sure you have all your technical support numbers ready. I suggest programming them into your contacts with your service contract ID as well as any serial numbers of the equipment to expedite your support request. It never hurts to be prepared and when disaster strikes, it's usually bad news.
Let's say the worst case scenario happened and you find out your SAN is completely toast due to a failed controller. The RAID 10 you had in place is partially lost and you are forced to wipe away a few of the LUN's. The vendor is sending you replacement parts and recommends that you have backup of your data in case things don't work out with the controller. Luckily you work for a company that invested in a DR plan that includes backups of important servers. The backups of your data from the previous night are available and the replacement controller arrived on-site within the 4 hour window. Looks like you just barely made it out alive. The worst is over now. Imagine what would've happened if you didn't have backups, your service contract expired and the part you requested was not in stock?