Is the Bible the inerrant word of God?

While I think that the writers and compilers of the Bible were inspired by the Holy Spirit, I do not think that it is perfect. The salvation-critical portions of the Bible are perfectly reliable, but there is at least one error in a less important area. I submit as evidence 1 Corinthians 7:36. Depending on the translation, it either talks about a father and daughter or an engaged couple.

New American Standard Bible

But if any man thinks that he is acting unbecomingly toward his virgin daughter, if she is past her youth, and if it must be so, let him do what he wishes, he does not sin; let her marry.

New Living Translation

But if a man thinks that he’s treating his fiancée improperly and will inevitably give in to his passion, let him marry her as he wishes. It is not a sin.

This same verse in two different translations is addressing very different situations. Are both verses correct? If so, both translations are at least incomplete because neither translation includes both instructions. Is one verse incorrect? If so, one translation contains an error. Either way, there is an error here. I actually stumbled across this difference by accident at Bible study, which leads me to believe that it is not the only example.

I'm not sure what the ramifications of this are, if any. If the Bible isn't perfect, how far does this extend? How serious is it? As I said earlier, I don't think there are any errors significant enough to put one's salvation in jeopardy.