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Green’s Dictionary of Slang

covered adj.

(US Und.) ‘protected’ from prosecution or arrest.

1904		‘Number 1500’ Life In Sing Sing 262: I’m well covered and strong as can be.
1952		W.R. Burnett Vanity Row 130: ‘So it’s robbery. You covering me, Hargis?’ ‘Sure,’ said Roy, then he stood up. [...] ‘ Okay, Hargis. Just so I’m covered.’ ‘You’re covered’.
1968		G. Radano Walking the Beat 79: ‘You got nothing to worry about, kid. Let them sue. Let them do anything they want. You’re covered: you did everything according to the book’.

SE in slang uses

In phrases

got you covered (also gotcha covered)

(US campus) an expression of support.

1955		W. White ‘Wayne University Sl.’ AS XXX:4 303: got you covered, v.phr. I understand.
1964		in Current Sl. (1967) I:4 4/1: Got you covered, interj. I understand.
1993		Eble Campus Sl. Apr.
1996		Eble Sl. and Sociability 101: Expressions of reassurance or support tend to be spatial: [...] gotcha covered, I’m there, we here.

have it covered (v.)

(orig. US black) to have a situation well under control.

1953		L. Durst Jives of Dr. Hepcat (1989) 2: Your pockets are loaded with ‘scratch’ and if the push comes right down to a shove you got everything covered.
1963		Down Beat 9 May 15: Oscar Brown Jr. really had those lyrics covered.
1980		E. Folb Runnin’ Down Some Lines 127: There are a number of vernacular expressions that characterize the state of being and staying cool [...] to have it covered.
1997		Simon & Burns Corner (1998) 302: ‘Scoogie’ll help,’ she offered. ‘I got it covered.’.
2000		Observer Mag. 9 Apr. 14: He has it covered.