What is considered safe for a robot operator during physical human-robot collaboration (HRC) is specified in corresponding HRC standards (e.g., the European ISO/TS 15066). The regime that allows collisions between the moving robot and the operator, called Power and Force Limiting (PFL), restricts the permissible contact forces. Using the same fixed contact thresholds on the entire robot surface results in significant and unnecessary productivity losses, as the robot needs to stop even when impact forces are within limits. Here we present a framework for setting the protective skin thresholds individually for different parts of the robot body and dynamically on the fly, based on the effective mass of each robot link and the link velocity. We perform experiments on a 6-axis collaborative robot arm (UR10e) completely covered with a sensitive skin (AIRSKIN) consisting of eleven individual pads. On a mock pick-and-place scenario with both transient and quasi-static collisions, we demonstrate how skin sensitivity influences the task performance and exerted force. We show an increase in productivity of almost 50% from the most conservative setting of collision thresholds to the most adaptive setting, while ensuring safety for human operators. The method is applicable to any robot for which the effective mass can be calculated.