Originally Posted by acumenhokie
No personal experience so I'm going off of what I've seen and read. There are some kits that come with a rust inhibitor which causes a chemical reaction to treat the rust. Alternatively you could just sand it down followed by a touch of primer followed by a touch of paint. I think the touch of paint is rust resistant (someone feel free to correct me) so if it's very small you might be able to get away with just painting it.
I'd recommend a sanding pen to try and get rid of the rust in the chip before painting over it. If you just cover up the rust with paint, it'll probably spread under the new paint and won't be too pretty after a while.