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Does my income protection policy cover me for COVID-19?

Well, that depends.  If you are too ill to work, and this continues past your waiting period, then yes, your income protection will provide you with your monthly benefit (paid in arrears).  However, if you are diagnosed with COVID-19, but you aren't ill then this will depend on two things.  Firstly, your ability to work from home, and secondly, whether you have an "Agreed"or "Indemnity" policy.  If you have been in contact with someone who has been diagnosed and are therefore self-isolating, but haven't been diagnosed yourself, then no you will not be able to claim on your Income Protection policy.

What if I lose my job, or my income drops, because of COVID-19?

Unfortunately, no, your income protection won't cover you for in this situation.  Income Protection is solely about your health and if you can, or cannot, work.