The event log had the above error followed by the following error:
Object Cache: The super reader account utilized by the cache does not have sufficient permissions to SharePoint databases.
To configure the account use the following command 'stsadm -o setproperty -propertyname portalsuperreaderaccount -propertyvalue account -url webappurl'. It should be configured to be an account that has Read access to the SharePoint databases.
Additional Data:
Current default super reader account: NT AUTHORITY\LOCAL SERVICE
To fix the error I had to run the following Power shell commands:
$wa = Get-SPWebApplication -Identity "http://yourwebapp"
$wa.Properties["portalsuperuseraccount"] = "domain\cacheuser"
$wa.Properties["portalsuperreaderaccount"] = "domain\cacheuser"
$wa.Update()
