I would never cover a licensed song without buying a license. Licensed songs are intellectual property and other than the exceptions Herb mentioned all rights of use belong to the owner. Licenses can be obtained from the Harry Fox agency and it's not an expensive way to respect the ownership.

FWIW,

Be safe and well.

Bud

PS Perhaps I feel a bit strong about this as years ago we read on line a review of a song we wrote, recorded and released. But it was not by us. I spare the details of what happened after that. smile