If the work your business performs involves physical labor, you’re likely well aware of the risks involved for your employees and the cost of those risks to your business. For years, risk managers have worked to find ways to lower these risks and provide safer workplaces. Now, technology and innovation may be helping with the next steps.
Wearable Technology
Tech is innovating many aspects of life, so why not workplace safety? Two such innovations stem from “wearable” tech.
First, a company called Verve Motion has developed what it calls a “SafeLift” exosuit. It’s a battery-powered structure that is lightweight enough to wear and can help employees with lifting. What impact could that have? According to Forbes, it could:
- Offload up to 40% of the average 50k pounds a warehouse worker lifts each day
- Reduce the amount of back injuries by 65%-85%
- Go on in 30 seconds, fit all body types, and it has the battery capacity for 10-12 hours of work
Another wearable innovation is Kinetic, a monitoring device which can, “detect high risk behaviors and provide data-driven insights to help protect workers and enhance the bottom line.”
Can tech like this or others like it help make an impact on the $58+ billion workplace safety loss total in the U.S.? That remains to be seen, but the potential for work comp impact is looking more and more like a reality.
Residual Benefits
In addition to savings on team injuries, healthcare costs, downtime reduction, and work comp premiums, are there residual benefits to consider? More care for employees safety and health could looking lead to improved productivity, boosts in morale, and may even help companies to retain people in a difficult environment for talent.
Combine all those positive impacts, and you may have a whole new approach to risk management with the added bonus of a better workplace culture. Is it right for you? That is up to your strategy and approach to the future.
Risk Management + Insurance
It is important to keep in mind that whatever your approach to risk management, accidents can still happen. Having the right workers’ comp insurance and other coverages in place is a critical way to be prepared. Let us help you design an approach to covering your risks that takes into account your unique needs.