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.
"We have to put it behind us. We've got to dust ourselves down and bounce back against Hearts (in the Europa League) on Thursday night.
"We have to react in the right manner and look to put things right in the coming games."