According to an Apple employee this error message means that:
The player is complaining that it was trying to restart a live stream,
but only had 1.4 seconds of material available. How many segments are
in your live playlist? These days we recommend that you always have at
least six segments in the playlist. I believe the only effect is to
delay palyback until it has enough data.
Source: https://forums.developer.apple.com/thread/40791
The cause of the error most probably originates from the m3u8 itself.
When streaming a live program (e.g. any TV channel) there is a delay between the availability of event data and the encoder creating media segments (.ts) that are then appended to the playlist.
I could imagine that these types of errors are generated if the playerItem playhead's position is at the very edge of the buffer and new media segments are not made available fast enough on the server.
Should these errors be prevented or handled on the client's side:
Since these errors are reported as internal
and AVPlayer apparently recovers from it, it is safe to assume that they are being handled internally. They could therefore be understood as simple error reporting and one could choose to ignore them.
If one wanted to prevent them, the only way to do this might be to manually set the live buffer's edge back in time a few seconds.