When anybody shoot at your pet 85% of it will be miss, so it's handy to use it while hunting so peoples can't kill it easily
If you want to heal your ship with your pet you have to buy the other one:
Combo Repair Gear (Level: 3)
Effect: Repairs 25000 HP per second.
Duration: 5 seconds
Deflection chance: 85%
Consumption: 750 Fuel