The most important of your equipment. Best tip I can give is spend a little extra on your headgear. Try Winning FG-5000 or FG-2900. Cleto Reyes Classic and Face Protectors work amazingly also. 100% worth the price to protect that noggin.
Sparring: You want to protect your partner in training so, be nice and buy 16 oz and above with soft, quality padding. No Everlast junk.
Bag/Pads: Wrist protection is key: Wrap your hands very well and use pads with great reviewed wrist protection. Laces are most often the most protective option for your wrist.