What does it mean to say we have you covered?

Its a slang term that generally means that "we" are going to look out for your best interests, or see that something you were responsible for getting done gets done. It means you are not going to be present and that in your absence "we" are taking care of your business, or covering for you until you return. It may be in regard to something work related or personal and "we" may tell a lie to cover for you in an attempt to keep you from getting in trouble.