Ingress Protection (I P) Ratings are a widely accepted Euro standard that denotes the degree of protection an enclosure provides - the caliper itself is the enclosure in this case, but it can also be used for switch boxes, motors, etc.
IP First number -
Protection against solid objects
0 No protection.
1 Protected against solid objects up to 50mm, e.g. accidental touch by hands.
2 Protected against solid objects up to 12mm, e.g. fingers.
3 Protected against solid objects over 2.5mm (tools and wires).
4 Protected against solid objects over 1mm (tools, wire, and small wires).
5 Protected against dust limited ingress (no harmful deposit).
6 Totally protected against dust.
IP Second number -
Protection against liquids
0 No protection.
1 Protection against vertically falling drops of water e.g. condensation.
2 Protection against direct sprays of water up to 15° from the vertical.
3 Protected against direct sprays of water up to 60° from the vertical.
4 Protection against water sprayed from all directions - limited ingress permitted.
5 Protected against low pressure jets of water from all directions - limited ingress.
6 Protected against low pressure jets of water, e.g. for use on ship decks - limited ingress permitted.
7 Protected against the effect of immersion between 15cm and 1m.
8 Protects against long periods of immersion under pressure.
For North American use, the NEMA (National Electrical Manufacturers Assn) Standards are more commonly used ... but there is no direct correlation between NEMA & IP
Two common NEMA standards for VFD enclosures are NEMA 1, and NEMA 4X. The NEMA 1 enclosure is fully "fingerproof" on all sides, but provides no liquid protection. The NEMA 4X is essentially dustproof & waterproof, which is why that enclosure is often used around lathes, mills, grinders, etc.
NEMA 1 = IP 10
NEMA 4X = IP 56