Losing a hardware wallet does not mean the permanent loss of coins. It is a common misconception that coins are kept in a hardware wallet, but in reality, a hardware wallet is merely an offline key to access your assets stored within the blockchain. The seed phrase or cryptographic passwords for your wallet is the true key to access your wallet and hence your assets. Thus, it is the seed phrase that you should worry about rather than the wallet itself.

If you lose your hardware wallet, in most cases, you can simply get a new hardware wallet, set it up, use your seed phrase to log in the new wallet, and your tokens will be readily available to access as usual.