Websites need privacy policies now, more than ever. Why? Visitors to your website want to know how their information is being used. Do you allow cookies? Probably. Will you be selling their information to others? Probably not, if you're interested in best practices.
But you're not a lawyer, and you don't even play one on TV. What do you do?
Make these pages easy to navigate to on your website.
Go to TermsFeed for your terms of service.
Now, you've covered your butt. Put these pages in your secondary menu in WordPress. You want them to be visible to anyone who's interested, but not so visible that you're taking up valuable space that could be used for something more fun.
Carry on, then, blogger. Get to writing!