Blended label rum - one should keep water away (8)
I believe the answer is:
umbrella
'one should keep water away' is the definition.
(I've seen this before)
'blended label rum' is the wordplay.
'blended' indicates anagramming the letters.
'label'+'rum'='labelrum'
'labelrum' is an anagram of 'UMBRELLA'.
(Other definitions for umbrella that I've seen before include "Overall agency" , "Protection that can be rolled up" , "Parasol" , "For protection against the elements" , "To get protection" .)