The product.inventory.liveupdate file needs to be replaced with one that has only the installed products on that machine. This can be done by copying a correct file from another computer with the same products.
If none is available, LiveUpdate can be uninstalled from Add or Remove Programs (or Programs and Features).
Delete C:\Documents and Settings\All Users\Application Data\Symantec\LiveUpdate.
Delete C:\Program Files\Symantec\LiveUpdate if it is still there.
Install LiveUpdate from LUSetup.exe from the SEP folder of the installation files.
Run a repair on the Symantec Endpoint Protection client from Add or Remove Programs to register the client with LiveUpdate.
The product.inventory.liveupdate file will now only have Endpoint Protection client listed.