If the wound looks clear of debris, apply an antibacterial cream or an ointment. Then dress the wound with a sterile bandage. If the wound was caused by an object that is rusty or dirty, you should call their doctor to have them look at it. It is possible in this case that your toddler may need antibiotics to prevent an infection.
The doctor will most likely check to see if your child has had or is in need of a tetanus shot. These shots are commonly given with the regular child vaccinations, and help to protect your child from receiving tetanus, which is a potentially fatal infection that is caused from bacteria entering the body through a wound.