Cover Your Ass-ets
Of course there’s the legal coverage they give you – in particular, your Terms of Service can protect you from future litigation.
Reassure Your Visitors
They are also very important trust builders with your site visitors. To them, you’re obviously taking care of details and not a “fly by night” operation, if you’ve gone to the effort of clearly delineating your policies.
Add Policies to your WordPress Website
In some cases, you may want to get a Legal Professional to review your new Policy.