Shield generators come in multiple sizes, and have varying levels of segmentation (single 'bubble', front/back, quadrant, etc.).
When impacted with a ballistic projectile, the projectile is merely slowed down by the shield, effectively bypassing it.
Only when the shields are downed will the incoming energy inflict damage upon the ship's hull. When impacted with energy (such as an energy weapon), the shield absorbs the incoming energy, weakening the shield in the process but protecting the ship. Shields deflect projectiles, explosions, debris, and sometimes air. A shield generator is a component which generates a protective energy barrier around a ship in Star Citizen.