In my experience that message usually means ID cannot find the printer. Perhaps it's been moved to a new IP address if on a network, or plugged into a different port if local.
Is there a suggested workaround? The printer is hooked into a USB 2.0 hub (it's not on a network) and worked fine until yesterday. The only thing i've tried since having this problem is reinstalling the drivers – to no avail.
Try unplugging and plugging the cables. I would also suggest the you connect the printer to one of the built-in ports rather than a hub, but if you must use a hub, use a powered hub.
Can you delect the printer and print without using a preset? If so, try editing the preset and just reselect the printer.