Sure, at the earlier levels the familiar is a great companion. Not only do you get a HP boost, but against lesser creatures I would feel safe with him, especially in the first dungeon.
But later in the game, when you are taking on hard things, You might want to keep old familiar safe. Getting in a fight with goblins or the little things in the first dungeon is alot different than getting into a fight with vampires, beholders, mind flayers, etc.
Alot of times your familiar with die with just one hit. SO be careful. Hes there as a companion, not a armored knight to fight at your side. You lose him, you lose alot.
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