Floating-point precision errors are common in competitive programming, especially when dealing with very large or very small numbers. The standard floating-point representation (like `float` or `double`) has a limited precision, leading to rounding errors. To handle precision issues, you can use higher precision data types, such as `long double` in C++ or arbitrary precision libraries in languages like Python. Additionally, you can control rounding behavior by using techniques like adding a small epsilon value to comparisons or using fixed-point arithmetic. It's important to test edge cases where precision errors might occur to ensure the correctness of your solution.