Hi Puddlebrook,
That depends on the type of pump.
If it's a centrifugal pump (most likely), the water will just stop flowing. The pump will continue to run though, and will eventually heat up the water inside it which is going round and round but not actually pumping. If you're only doing that for short periods of time, like moving between containers it will be ok, but avoid doing it for long periods.
If it's a 'positive displacement' pump (unlikely), then that type do keep pressurising until something gives. For that reason, that type of pump usually has an internal relief valve which passes water back from the outlet to the inlet if you dead-head it.
Some systems come with a flow or pressure switch which will automatically detect that the hose is off, and then stop the pump for you.
Re specifications, "normal" domestic water pressure is usually a bit over 1 barg (you might also see 1 barg written as '10 metres of water head'), and normal flow out of a tap is something like 10 to 15 litres a minute, IIRC, so I'd use that as a starting point and go from there. If you want a bit more flow and pressure, specify a slightly larger pump, but the supplier should be able to help you select the right pump for your needs.
Hope that helps!