What causes a "Failed to get writable document" error in the Configure Component PropertyManager, when inserting a Toolbox part?

Problem

When we try to insert a toolbox component an error message pops up in the Configure component prperty manager that "Failed to get writable document"

This is a snap of configure component property manager(Without error)

Solution

This error can occur if there is a problem with the 'ToolboxFiles.index' file OR User with restricted permissions:

Please make sure the user has permissions to read and write to complete toolbox location. To verify, please login as Administrator and retest the issue.
If Step-1 doesn't solve, please try the following:
-Browse to the Toolbox install location:
C:\SOLIDWORKS Data\browser\ToolboxFiles.index
-Rename the ToolboxFiles.index file to ToolboxFiles-test.index

-Run SolidWorks and try to insert a Toolbox part.

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