When we talk about nipping things, we often mean taking care of them quickly and gently before they get out of hand. For example, if it starts to rain while you're outside, you might need to nip into your house to grab an umbrella. If you see a kid eating too much candy, you might nip in and remind them not to overdo it. Sometimes, we use "nip" as a way to mean just stopping something that's happening right now - like if someone is starting to get sick, you might nip the illness in the bud by getting them medicine right away.
How common is "nip"?
Word nip is considered rare in modern English. It has a balanced usage among all categories: speech, fiction, newspapers and academic texts.
Definitions
verb
To catch and enclose or compress tightly between two surfaces, or points which are brought together or closed; to pinch; to close in upon.
To remove by pinching, biting, or cutting with two meeting edges of anything; to clip.
To benumb [e.g., cheeks, fingers, nose] by severe cold.
To blast, as by frost; to check the growth or vigor of; to destroy.
To annoy, as by nipping.
To taunt.
(Scotland, Northern England) To squeeze or pinch.
(obsolete, UK, thieves' cant) To steal; especially to cut a purse.
(obsolete) To affect [one] painfully; to cause physical pain.'
Example: He had never expected to fling the soldier, or to be flung by Flea. “One nips or is nipped,” he thought, “and never knows beforehand. …"