Much like the profile for your monitor, a printer profile describes the color behavior of your printer, so that the output will render accurately.
But while a monitor profile is specific to a particular monitor, a printer profile is specific to not only the printer, but also to the paper and ink you use for a particular print job. That means you'll need a separate profile for each printer-paper-ink combination you use. Fortunately, since you'll typically use a single printer and ink combination, the only real variable is the type of paper you use. For the most accurate output, you'll need a custom profile for each type of paper you'll print to.
Fortunately, printers include profiles that are generic for the printer model. These ...