Some of the risks associated with holding cryptocurrency apply to LP tokens also. Taking special measures to protect one’s assets should always be a primary security concern.
Loss or theft
Just like with cryptocurrency, LP tokens should be kept safe at all times and preferably stored in a hardware wallet, especially if the owner has a good amount of them. By losing access to a wallet — through a lost or stolen private key — the liquidity provider loses access to their LP tokens, their share of the liquidity pool and any interest gained.