Artist's company in embargo (5)
I believe the answer is:
bacon
'artist's' is the definition.
(painter Francis Bacon)
'company in embargo' is the wordplay.
'company' becomes 'co' (abbreviation).
'in' indicates putting letters inside.
'embargo' becomes 'ban' (a ban on trade).
'co' put into 'ban' is 'BACON'.
(Other definitions for bacon that I've seen before include "What could be treated by frier" , "Cut of pork" , "Processed pig-meat" , "Francis -, twentieth century Ir. artist" , "Thin slices of pig" .)