What does it mean?
Most modern cars come equipped with a tyre pressure monitoring system (TPMS), when it detects a drop in air pressure it will illuminate. This could be due to a puncture or a slow leak due to a cracked rim or faulty valve.
What should I do if it comes on?
You should stop and check for signs of a puncture. If the damage is not too severe you may be able to fill the tyre with enough air to get you to a garage. If not, you can replace the offending tyre with a spare if your car is equipped with one.
If you have run-flat tyres the sidewalls will not look deflated, and you will be able to drive slowly for a short distance to a garage.