A bleed refers to the artwork that extends beyond the finished size of the product. To make sure your artwork prints to the edge of your piece, please allow for an additional 1/8″ (.125″) on each applicable side.
When setting up your files with bleeds, it is good to keep a safety margin or text margin as well. Any essential text and design elements should be positioned within this margin. Please make sure the text still maintains the required margin even when graphics bleed.