A common clerical mistake which Elm, Reason etc. prevents, is when we grab something from a list and pass it to another function. What if in a rare case it is possible that the element doesn't exist? A function deeper in the stack might crash, or if defensively built, substitute it with an empty value. Both could be wrong.
By providing more information about our data and our functions to the compiler, the compiler can ensure our code always follow those constraints. These constraints are often in our head when using dynamically typed languages, or even statically typed OO languages. Typed FP helps us make them explicit in code so the compiler can track it instead of we tiring ourselves mentally and making a mess of it.