Solution
In this case the error is caused by the timeout of one of the VISA functions. To resolve the error you will need to use Debugging Tools in LabVIEW:
- Click the Highlight Execution button in the Block Diagram Toolbar.
- Step through the execution to identify the function where the error originates. (NOTE: it might happen that the error will not occur while stepping through the execution but repeating this a couple of time should cause the error to occur again).

3. Create a Flat Sequence Structure around the function which generates the error.
4. Add Wait (ms) function inside the Flat Sequence Structure with 100-500 ms wait time.

This will give the instrument time to finish what it was doing before the next interaction.
If you are using a GPIB device, please refer to the related article for more troubleshooting steps.