Company accepting blame replaced instrument (7)
I believe the answer is:
cembalo
'instrument' is the definition.
(I have seen 'Old instrument' mean 'cembalo' so perhaps 'instrument' could also mean 'cembalo')
'company accepting blame replaced' is the wordplay.
'company' becomes 'co' (abbreviation).
'accepting' indicates putting letters inside.
'replaced' indicates an anagram.
'blame' is an anagram of 'embal'.
'co' enclosing 'embal' is 'CEMBALO'.
(Other definitions for cembalo that I've seen before include "Dulcimer" , "Old instrument" , "It is instrumental" , "Harpsichord" .)