If you're releasing your cover song as a single and later releasing it on a full-length album, that requires two separate licenses, as they are two separate releases.
If you release your cover song on an album and then on a compilation album a year later, that requires two separate licenses, as they are two separate releases.
If you are releasing a cover song as a single, and it is going to be on an album that you're going to release in the next few months, give us a call and let us know so you can avoid paying an additional $13 fee. 323-776-6475