Does this hitch come with a ball mount or receiver cover?

The hitch assembly ships as-is. Ball mount and cover are sold separately — pick the ball diameter and rise/drop that match your trailer coupler.

Will I need to drill or weld this into place?

No. This hitch bolts directly to your vehicle's factory mounting points. Use a socket set and basic hand tools for installation.

Can I tow a loaded trailer with this hitch right away, or does it need prep?

Once bolted down and torqued to spec per your vehicle manual, it's ready to tow. No painting or treatment required — the hitch is finished as-received.