Welcome to the forum.
What OS version are you running PrE on, please?
Here is a similar thread on PrE Runtime Error. There is a link to an Adobe KB Article, that might be helpful: http://forums.adobe.com/message/6175640
Windows 7 - Service Pack 1
Though that older thread regarded Windows XP, I would still look over the Adobe KB Article for tips on curing the problem.
Thanks for posting on the Adobe forums.
Please tell us if this system is on Network, if yes please make sure that My Documents Folder should be on the local drive not on the Network drive.
Thank you Sandeep. Yes, this system is on a Windows Domain network and we use “Offline Files” setting to change the default save location to a network “Home” drive. I will disable this feature and test. Thank you all again for your time and assistance!