This is not for everyone, but a carving tool is perfect for this job. I don't want to square the corners with a chisel because the pickup covers have slightly radiused corners and they make a fully squared corner look clunky. My eye just goes to something like that involuntarily.
I use a small #9 gouge, first lightly setting in the radius with guided hand pressure, then once the arc is established to the point where you can locate the tool in it, I tap the tool down through the corner with a small mallet.
If the body is already finished, I set in a little bit deeper with the gouge before using the mallet so I don't chip the finish. With a polyester finish, the clear coat and color coats are pretty soft, but the sealer / grain filler is not and that's what I worry about the most.
I used to shy away from something like this, but with a properly sharpened gouge, you have good control establishing the corner arc and the task is not as fraught with potential danger as you might think.
Once I start tapping the gouge with the mallet, I like to undercut the corner slightly as I go, because pickup covers are often slightly tapered outward in dimension from top to bottom. The alternative is to relieve the bottom edges of the corners of the pickup covers with a file or sandpaper.
If you're worried about screwing this up, you can create a tighter radius at the top of the corner with a round file like a chain saw file, then use that filed area as a guide for the gouge without having to cut through the finish with the tool. If I file the corners first, I can just push the gouge through the wood below the finish without needing the mallet.
Filing the tops of the corners first also saves the edge of the gouge from being dulled as it cuts through the layers of finish.