Welcome to the forum.
First, I would start by giving us some details:
The answers are in the details, especially starting with the name of the Premiere Elements version in use and the computer operating system on which it is running.
So in the absence of that and other information, I will be generalizing.
With that type of error, I am suspecting a licensing issue.
Please review a similar happening in the Photoshop Elements area
Please let us know if the above had any impact on your situation. If not, please supply more information so that you can help you.