The invention features an indexable wear plate/piercing tip insert that is configured to be removably and repositionably attached to the front, nose portion of the upper, movable jaw of a metal demolition shears. The insert functions as both a wear plate and a piercing tip and is indexable in that a non-worn or less worn portion of the wear surface of the wear plate portion of the insert, and non-worn shearing and piercing edges of the piercing tip portion of the insert, can be presented simultaneously simply by rotating the insert 180° and reattaching it to the nose portion of the upper, movable jaw of a metal demolition shears.