I always took it to be a statement of ongoing family. We'll be standing by you during the slaughter, but we'll also be there with you to help build your house or throw a party or whatever else may come.
"We've got your back. Always." basically.
The original essence of the name (besides the pun) is Battle + Everything Else. Sadly the nice thing about Beyond is that it is so open to interpretation and in Bloodbath's case pretty much all interpretations are correct.
So be there for your brothers and sisters during the battle of course, but make sure to also be there for song, companionship, spiritual guidance, questions of honor or morality, food, drink, etc, etc., (Eventually encompassing everything)
'Iw HaH je Hoch: literally "Blood Drenched and All." In this case, "Hoch" (all) is used similarly to the idea of the Hebrew "Kol" to mean "all, the whole of any, each, every, anything totality, everything." In our use, it represents the idea of "Beyond" when used as a noun - The afterlife, the great reward. In this way, Bloodbath & Beyond / 'Iw HaH je Hoch represents the two ideals of every Klingon: glory in battle, and glory in the afterlife. Action, and reward for that action. What better motto for a Klingon Fleet to fly under than one which calls out these two cornerstones to the life of every Warrior.
Ironically, "Bloodbath & Beyond" does a very good job of summarizing a Klingon's core beliefs, and at the same time captures the lightheartedness of our membership.