There is an engineers rule of thumb that says that when measurements are added or subtracted their errors add. When measurements are multiplied or divided, their relative errors (error divided by the value) add.
If f= xy and x has error dx, y has error dy, then f could be as large as (x+ dx)(y+ dy)= xy+ xdy+ ydx+ dxdy. Neglecting the small dxdy (if dx and dy are small, dxdy will be much smaller), the error is xdy+ ydx so the relative error is (xdy+ ydx)/(xy)= dy/y+ dx/x.
With 0.5mv^2, for small errors dm and dv, the relative error is dm/m+ 2dv/v.