The Water-Cooled Lithium Lead Breeding Blanket is one of the most promising concepts to be used as a key component in fusion power devices. It provides tritium breeding and nuclear power conversion and extraction. Before its integration in a DEMO plant, a testing phase is required to gain data on both thermal and neutronic performances. For this purpose, a Test Blanket System is currently under conceptual design and will be integrated into dedicated ITER equatorial ports. Early insight on the safety performance of the Test Blanket System remains an essential element for integrating into ITER, and accident analysis is one of its critical components. Preliminary safety studies have been performed in the framework of Safety And Environment (SAE) work package of the EUROfusion consortium program to support the design and the integration of the Water-Cooled Lithium Lead Test Blanket System into ITER. At the present conceptual design phase, these studies are tailored to give insight on the effects of some parameters, such as postulated initiating event timing, plasma termination system or valves intervention, and possible safety provision implementation. A MELCOR model of the Water-Cooled Lithium Lead Test Blanket System has been developed, and two accident scenarios have been studied: an ex-vessel LOCA inside the port cell and a loss of flow accident because of pump seizure. The impact of mentioned parameters on accident evolution and consequences is investigated in support of the safety logic definition.