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The Landau-Lifshitz-Gilbert (LLG) equation, used to model magneto-dynamics in ferromagnets, tacitly assumes that the angular momentum associated with spin precession can relax instantaneously when the real or effective magnetic field causing the precession is turned off. This neglect of “spin inertia” is unphysical and would violate energy conservation. Recently, the LLG equation was modified to account for inertia effects. The consensus, however, seems to be that such effects would be unimportant in slow magneto-dynamics that take place over time scales much longer that the relaxation time of the angular momentum, which is typically few fs to perhaps ~100 ps in ferromagnets. Here, we show that there is at least one very serious and observable effect of spin inertia even in slow magneto-dynamics. It involves the switching error probability associated with flipping the magnetization of a nanoscale ferromagnet with an external agent, such as a magnetic field. The switching may take ~ns to complete when the field strength is close to the threshold value for switching, which is much longer than the angular momentum relaxation time, and yet the effect of spin inertia is felt in the switching error probability. This is because the ultimate fate of a switching trajectory, i.e. whether it results in success or failure, is influenced by what happens in the first few ps of the switching action when nutational dynamics due to spin inertia holds sway. Spin inertia increases the error probability, which makes the switching more error-prone. This has vital technological significance because it relates to the reliability of magnetic logic and memory.