Both. For example, you can say, "Cubre los platos" (Cover the plates) or "Lo que gano yo en el trabajo no es suficiente para cubrir todos los gastos mensuales" (What I earn at work is not enough to cover all monthly expenses). It can be literal or figurative. Maybe a native can give more examples though. Hope that helps!
I learn more about Spanish in these 'sentence discussions' than anywhere else on DL. OK, I get all the formal definitions from DL but I could NEVER understand idiomatic phrases or uses of words without the help of all you native speakers out there. I also learn from the great non-native speakers who share what they've learned from other sources. THANK YOU!! (Is this 'sharing' built into DL's model for learning languages? I'd be in big trouble without it...)