Just use the sealer on where the wires enter the cover (should be a small rubber grommit).
Do NOT put sealer on the gasket or gasket surface.
As the bike is new to you, been dropped and that gasket almost NEVER LEAKS, inspect that cover closely.
**I suspect it's cracked (hair-line crack or otherwise) and will need replacement. Hopefully the main block is not damaged.
As noted earlier, clean it spotless and keep a close eye on where the oil seeps from.