To cover something can mean to secure something for it, often financially. So, if you buy insurance, it "covers" certain things. Life insurance covers accidental death. Auto insurance covers many kinds of damage to your vehicle. Medical insurance covers doctor fees. Etc. So a common question for insurance would be to ask "what things does my auto insurance cover?" or "does it cover accidents which are caused by me?" Covered is also frequently used for paying. Like, if we go to a restaurant, and you take out your wallet, I can tell you "put that away, I've got you covered". it means I will take care of your payment for you.

Protected. Or if you are in trouble, someone could take the blame.

= You're protected or secured from all sides.

in short your safe. cowboy...

clothed lol