LVM itself does not provide redundancy, that's RAID. LVM is often used on top of a RAID device. If your boot drive fails, LVM itself won't save you, RAID (software RAID 1 is really common for a boot drive) can.
LVM can be used to seamlessly move data between physical volumes. You can add a new PV to the VG and move extents between LVs. I've used it to love-migrate to a larger drive that way. Once the physical extents have been moved to the new PV, you can reduce the old PV and then remove the old disk.