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The Golden Rule of Licensing when it comes to music, is that if you don't own or control it, you likely need a license to use it. There are a few exceptions to this rule, for example if the song is in the public domain. But if a song is not in the public domain, you need a license to use it.
When it comes to licensing cover songs for use in Film and Television, usually the production team or agency licensing the master recording will be responsible for clearing the rights to use the song (in other words, not the artist).
However if you want to record a cover song and sell your recording digitally online or include it on a compact disc, you need to acquire a "mechanical license" to legally sell your version of the song.
There are several companies that can assist you in clearing mechanical licenses and ensuring songwriters get paid. I reccomend a company called Limelight.
Limelight is a simple, a one-stop shop to clear any cover song in order to distribute by means of digital downloads, physical albums, interactive streaming, and ringtones. Limelight allows artists to create an account and finalize their mechanical licensing and royalty accounting needs within minutes via a simple three-step process for a service fee of $15 per license (or less based on number of licenses) plus required statutory publishing royalties as set by law. Artists, bands and other musical groups can clear any song and ensure 100% of royalties are paid to the appropriate publishers and songwriters.
Additional Resources For Licensing Your Music
I have a variety of resources for songwriters serious about licensing their music in TV And Films. Here are a few that I reccomend purchasing, if you haven't already:

1) 2011 TV/Film Music Business Directory - The most comprehensive directory of contact information for the TV and Film markets on the planet. Period. Over 500 up to date listings for music supervisors, publishers, music libraries and video game companies.
$29.99
More Info

2) The A To Z Of Music Licensing
- The original program on music licensing that includes The 2011 TV and Film Music Business Directory, A Songwriter's Guide To Music Licensing Ebook, How To Audio Program,Three Audio Interviews with music licensing professionals, sample contracts and much more! The entire program is accessible online upon checkout.
$39.97
More Info

3) New! The Music Licensing Newsletter Compendium-
A collection of every single article I wrote about the music licensing business between January 2008 and July 2011. 215 pages long!
$19.99 ebook
$29.99 hardcopy
More Info
For a complete list of my products and services, visit
http://www.howtolicenseyourmusic.com/online-store.php
Happy Songwriting!
Aaron Davison
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