Privacy Policies are very important to have on your website! Please research the laws in your area regarding privacy policies & what you have to legally state on your website regarding visitor data you are collecting, as it varies by country! 

If you are a new business owner, I recommend purchase a template to start off. I  recommend The Contract Shop. You can view their templates right here and all you do is fill in the blanks to fit your business. I suggest going to "Shop by Type" → "GDPR Compliance" and purchasing the Website Terms & Conditions + Privacy Policy bundle. I am not a lawyer & I suggest reading their FAQs to ensure you are covered. I am not legally responsible for your business, this is just what my clients & I all use.

Terms and Conditions usually lets visitors know what they can and cannot do while on your website. For example, my terms state that no one is able to steal my content, ideas, images or try to copy my brand. This is not as important as a Privacy Policy, but if you can get a combo of both - why not?!