The France international accidentally clashed with the Swans' top scorer during Spurs' 1-0 win at White Hart Lane after coming off his goal-line to punch clear.
Michu initially lay motionless on the ground but was able to continue after being checked over.
Referee Mike Dean allowed play to go on during the incident and Andros Townsend almost scored a second for the hosts.
But Lloris was more concerned over his opponent, telling The Sun: "I was terrified when I saw him on the ground. I had to go for it and impose myself.
"I made the decision to punch and unfortunately there was a big collision."
The keeper added: "It's OK, he got up and it was more a fear than injury. I asked him several times, he said there's no problem."
Lloris' comments came after Swansea boss Michael Laudrup criticised referee Dean for allowing play to continue while Michu lay injured.
"I was very angry," Laudrup told Sky Sports. "I didn't ask for a free-kick or a penalty but if someone falls down like that, with a head injury, then there's only one thing to do - the referee has to blow the whistle.
"I looked at him when Michu goes down - the referee's watching him, the linesman's watching him and still they let the play carry on. That was poor refereeing.
"Michu seems okay, he's still a little (dazed). Luckily it wasn't serious so I'm happy about that but I'm still angry about the decision."
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