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[Sic] is used to indicate that something incorrect was left as it is intentionally. The word itself comes from a contraction of the Latin phrase sic erat scriptum, meaning thus was it written, with sic meaning thus. It is mostly used when you quote someone and there's a grammatical/spelling error in the quote, but you want to clarify that it's not YOU who's making the error.
The field SIC Description is related to the field SIC Code, allowing you to store the US Govt classifications on businesses. In their entry on Standard Industrial Classification Wikipedia says: The Standard Industrial Classification (abbreviated SIC) is a United States government system for classifying industries by a four-digit code.