The most common and most likely answer to this crossword clue is the 6 letter word COCOON
I've seen this crossword clue in The Times
C
O
C
O
O
N
More clues leading to the result COCOON
- Palm about to provide cover
- Politician without Bill’s companion’s protective covering
- Safeguard two companies working
- Protect two companies, one briefly
- Protect two companies? Almost; one
- Two firms working to make a case?
- Learn about my case
- Place of security functioning beneath two businesses
- Expression of surprise, taken in by fraud in case
- Commanding Officers running for shelter
Buddy explains!

The straight part
We know that "Safeguard" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case safeguard = cocoon.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 COCOON mean?
COCOON noun- The silky protective case spun by the larvae of some insects in which they metamorphose, the pupa.
- Any similar protective case, whether real or metaphorical.
- To envelop in a protective case
- To withdraw into such a case.