The most common and most likely answer to this crossword clue is the 8 letter word WRAPPING
I've seen this crossword clue in The Sunday Telegraph
W
R
A
P
P
I
N
G
Buddy explains!
The straight part
We know that "Providing cover for present" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case providing cover for present = wrapping.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does WRAPPING mean?
WRAPPING noun- The material in which something is wrapped.
- To enclose (an object) completely in any flexible, thin material such as fabric or paper.
- To enclose or coil around an object or organism, as a form of grasping.
- To conceal by enveloping or enfolding; to hide.
- (video production) To finish shooting (filming) a video, television show, or movie.
- (lines, words, text, etc.) To break a continuous line (of text) onto the next line
- To make functionality available through a software wrapper.
- To (cause to) reset to an original value after passing a maximum.