As long as the motor is not actually burnt out, yes. It will fire right back up after resetting the code.

Edit - also worth nothing that you can disconnect the battery for 10 or so minutes and it should reset (if no faults are found). You don't need the BMW or other obd tools to reset the system... Although with the air suspension it is often worth connecting to an obd tool to pull the codes to see what you are dealing with. The following items are most likely (listed in order of most often encountered):
1. Air bags cracked (dry rot) or blown
2. Suspension level sensors on axles
3. Blown fuse or relays
4. Pump needs rebuilt (new piston seal)
4. Pump motor burnt out
5. Valve block, air hoses, air tank problems