Perhaps you could provide some more details on why you think you need on indicator for i2c. I have PICAXE projects that run continually, using i2c to communicate between PICAXE chips.
This very public project has been running continuously for the last 3 months.
If you i2c bus is longer than about 1.2 metres, you are likely to see errors occur. If data accuracy is important, you will need to incorporate an error-checking and correction overlay. This could include a simple checksum byte created by the master and checked by the slave. The slave would then place a positive or negative acknowledge byte in a specific location, which the master could read periodically via i2c.
Back in the days of the early (2008 - 2009) firmware versions of the 28X1 and 40X1 chips i2c bus lockups did occur (is was using an extended i2c bus). I built a hardware i2c bus monitor consisting of an op-amp and a "bipolar" (2-wire red/green) LED. When the scl and sda wires were pulled high (normal working state), the LEDS would show green. When a lockup occurred one or the other bus wire would be permanently pulled low by one of the chips and a red LED would light in this case. Normal data transmissions would show as barely visible flickers of red in the practically constant green. Nowadays, the i2c firmware of modern PICAXE chips is so reliable that I would not consider using these hardware monitors.