The chance of getting into a slow-moving, low-impact crash is usually higher than your chance of getting into a high-speed wreck. However, just because a crash is low-speed and low-damage, that doesn't mean there aren't protocols for dealing with the incident properly.
As FindLaw points out, the tips for handling the immediate aftermath of a minor collision are almost identical to the steps one must take when dealing with more severe crashes. For example, you first need to keep an eye out for signs of potential fire or explosion risks, while also checking yourself for severe injuries. After getting a precursory idea of how severe or mild the damage is, you should move your vehicles - if that's possible - so neither of you are blocking the traffic flow.
Despite what some people may say, you should still contact the police after you write down the other driver's contact and insurance information, even if you or the other driver don't think it is necessary. This is because new injuries may pop up later that were undetected at the time of the crash. If you don't get law enforcement involved, it is possible that you could be dealing with insurance claims later and you may not have what you need to defend yourself in court.
By remaining calm and following the proper steps, you can avoid dealing with insurance or legal problems later down the line. You may also want to get in touch with an attorney as quickly as possible to handle matters of compensation.