They will take many things in stride. Labradors are great kids dogs, but as with any dog should not be left unattended with a small child. More info on kids and dogs. Most labs are active dogs and could accidently injure a child in play. Also puppy teeth can be rather sharp, and while grabbing for a toy they could break the skin.
Children also play roughly and can be cruel in their play.
As a parent, it is your responsibility to teach both the child and puppy how to behave around each other.