Can Wearable Technology Be Used as a Risk Management Tool?

Can Wearable Technology Be Used as a Risk Management Tool?

Fitness trackers, Google glasses, medical sensors, smart watches – there is no question that wearable technology has hit the mainstream in a major way. Outfitted with tiny sensors, these devices worn on the body or on clothing measure and record all kinds of functions. It should come as no surprise that business owners and consultants are asking a critical question: Can wearable technology be used as a risk management tool? As we discuss the benefits of wearable technology, ensure your business is protected with an Orlando Cyber Liability Insurance policy.

Wearable Technology for Risk Management

The data collected by wearable technology devices provide a huge opportunity for businesses to improve workplace safety and productivity. Employees whose jobs are physically demanding or physically repetitive can wear devices that measure posture, movement, and resulting muscle strain. According to the Occupational Safety and Health Administration (OSHA) repetitive stress injuries (RSI) account for 1/3 of the money paid out from workers’ compensation claims. RSI affects nearly 2 million workers per year and costs businesses as much as $20 billion each year. Businesses can use data from wearable tech to improve ergonomics and cut down on RSIs.

Additionally, wearable tech, such as fitness trackers, motivate employees to stay active. Employees who sit at a desk for most the day are at higher risk of obesity and obesity-related complications. Outfitting your team with fitness trackers and encouraging friendly competitions is one way to get employees up and moving – which will benefit their health.

It seems that every couple of months an innovative, cutting-edge technology hits the market and causes us to rethink our way of doing things. Incorporating these technological devices can help assess certain exposures and improve a company’s productivity. Whether or not you choose to incorporate wearable technology in your business, make sure your insurance policy is up to date. Contact us at Newman Crane & Associates Insurance, (407) 859-3691 for a free evaluation of your cyber liability coverage.

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