A hardware wallet is a physical device that handles your wallet's private keys. This provides an extra layer of security by isolating your keys from your computer; as a result this reduces the risk of being hacked. In the case of devices such as Trezors and Ledgers, signing of transactions are handled externally and also encrypted. There are also metal tablets made from steel or aluminum that you can physically engrave your private keys into - typically these close and have padlocks so you can keep them securely locked shut. These can be invaluable; you will have a record of your keys so that you will not forget while being assured that the elements or any unfortunate accident will not destroy them either.
A small list of notable hardware wallet providers are:
A spare phone or tablet can also make viable hardware wallets through the use of apps, provided you keep them disconnected from the internet and offline.
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