The development of liquid hydrogen storage systems is a key aspect to enable future clean air transportation. However, safety analysis research for such systems is still limited and is hindered by the limited experience with liquid hydrogen storage in aviation. This paper presents the outcomes of a preliminary safety assessment applied to this new type of storage system, accounting for the hazards of hydrogen. The methodology developed is based on hazard identification and frequency evaluation across all system features to identify the most critical safety concerns. Based on the safety assessment, a set of safety recommendations concerning different subsystems of the liquid hydrogen storage system is proposed, identifying hazard scopes and necessary mitigation actions across various system domains. The presented approach has been proven to be suitable for identifying essential liquid hydrogen hazards despite the novelty of the technology and for providing systematic design recommendations at a relatively early design stage.