Privacy laws are changing all the time around the world. There is the GDPR (Global Data Protection Regulation from Europe), the CCPA (California Consumer Privacy Act of 2018), and PIPEDA (The Personal Information Protection and Electronic Documents Act) just to name a few. Do you know what they contain? Most of the world’s population does not. But failing to abide by these laws can come with serious consequences. Not abiding by the GDPR if you collect information from people living in the European Union can come with a 10 million Euro fine.
You need a policy explaining what information you collect, how you collect it, how it is used, etc.
You need a terms of service explaining what people can do when they purchase products or services from you.
A disclaimer is a statement that limits the liabilities that you may be responsible for due to your website.
An End User License Agreement or an EULA is an agreement between a software vendor and a user of that software that spells out the rules of using the software.