Officer has company parking (3)
I believe the answer is:
cop
'officer' is the definition.
(I know that officer can be written as cop)
'company parking' is the wordplay.
'company' becomes 'co' (abbreviation).
'parking' becomes 'p' (abbreviation on road signs).
'co'+'p'='COP'
'has' acts as a link.
(Other definitions for cop that I've seen before include "busy" , "Policeman (sl)" , "catch" , "Police officer (informal)" , "An American policeman" .)