Should I buy a new HDD?

It's been months since I've been receiving "A disk read error occurred. Press Ctrl+Alt+Del to restart" error and I don't know exactly why. This error occurs minimum 2-3 times a week and the only solution I find to remove is to wait for sometime and restart my computer again and again for at least 5-6 times. Now I'm a bit confused that whether this problem is associated with my HDD only or some other hardware too.

Also, even if my computer starts and works in its normal phase it lags a LOT! even with programs like Chrome.

PC Specs:

• Operating System: Windows 8.1 64-bit

• Motherboard: Gigabyte B85M-DS3H

• Memory: 8192MB RAM

• Card name: Intel(R) HD Graphics 4600

• HardDisk: 500 GB

I basically use my computer for video editing with softwares like AfterEffects, Premiere pro etc.