Hi btcunchained, Yes it is safe and away from the exchange online. if you lose your nano s here is instructinos on how to retain your funds.
What if I lose my Ledger Wallet?

In case of loss or theft of your Ledger Wallet - or at any time - you can restore your entire balance either

on another Ledger Wallet
or on any BIP39 compatible software wallet such as Multibit HD or Mycelium

thanks to the 24 words you copied on the Recovery sheet. These 24 words are paramount, they are what provides you the ownership of your coins. You must never reveal them, and never lose them.

Without the PIN code (and the second factor card for Nano and HW.1), a thief cannot access your bitcoins. If you have any doubt about compromise of your PIN code and/or second factor card, you should immediately transfer your balance to another wallet.
source (http://support.ledgerwallet.com/knowledge_base/topics/what-happens-if-i-lose-my-ledger-wallet)