The Reds had Daniel Agger sent off as they lost 3-0 at The Hawthorns but Gerrard believes it is essential everyone looks beyond the result.
"The feeling after was one of total shock with the result. It was never a 3-0 game," said the England international.
"I fancied us to go there, dominate and win but things didn't work out that way. In football you can be left feeling hard done by.
"It's not the start we wanted but it's no time for panic. It's only the first game and it was one bad day at the office.
"We've got to look at the bigger picture. There's been so much hope around the place and rightly so."
Gerrard added in the Liverpool Echo: "After a 3-0 defeat everyone is going to be concerned.
"It's important that the likes of myself and the other experienced players take responsibility for a poor defeat."
Meanwhile, midfielder Charlie Adam has dismissed speculation about his future at Anfield by insisting he is determined to stay and fight for his place.
"I am happy at Liverpool and why would I leave after a year? There is no point," he said. "I am open enough to say I have had a conversation with the manager but for me I'm not going anywhere."
Source: PA