Shows support or kindness by being there for someone who might feel lonely. When I was recovering from surgery, my friend came over to keep me company.
Pro Tip 2/3
Not Just Physical
Can also mean talking to someone on a call or text to make them feel accompanied. She couldn't visit her mom, so she called to keep her company over the phone.
Pro Tip 3/3
Temporary Companionship
Often used for situations where company is provided for a limited time. While you wait for your taxi, I can keep you company so you're not alone.