While making a website or blog can be fun, there are often annoying hassles involved when it comes to compliance with partner companies.
If you run a website or blog and you are a Google AdSense publisher, Google requires you to have a privacy policy which complies with their criteria for a complete policy. The penalty for non-compliance can include the suspension of the AdSense publisher's account, which can be costly in terms of revenue.
Fortunately, someone has seen fit to create a free online tool which allows webmasters to automatically generate an accurate privacy policy around their website. It can be found here.
All you need to do is fill in your URL and contact e-mail address, and voila! You have a privacy policy that you can post to your website.
For more information about complying with Google's privacy policy requirements, check out Google's help page on the subject.