Commonly used risk indexes, such as the NIOSH Lifting Index, do not capture the effect of exoskeletons. This makes it difficult for Health and Safety professionals to rigorously assess the benefit of such devices. The community requires a simple method to assess the effectiveness of back-support exoskeleton's (BSE) in possibly reducing ergonomic risk. The method introduced in this work is termed “Equivalent Weight” (EqW) and it proposes an interpretation of the effect built on the benefit delivered through reduced activation of the erector spinae (ES). This manifests itself as an apparent reduction of the lifted load perceived by the wearer. This work presents a pilot study where a practical application of the EqW method is used to assess the ergonomic risk in manual material handling (MMH) when using a back support exoskeleton (StreamEXO). The results are assessed by combining observational measurements from on-site testing with five different workers and quantitative measures of the muscle activity reduction achieved during laboratory evaluation with ten workers. These results will show that when lifting, lowering, and carrying a 19 kg load the StreamEXO can reduce risk by up to two levels (from “high” to “low”) in the target sub-tasks. The Lifting index (LI) was reduced up to 64% when examining specific sub-tasks and the worker's movement conduction.