1. First, it should state which all information is collected and list the exact types of personal data of users that is collected whether it is IP address, email address or even financial and payment information. One should be as detailed as possible in this to avoid misunderstandings.
2. Second, it should give details of the data collection methods like contact forms or information collected by the website invisibly from the backend like IP address or location of user.
3. Third, it is important to let users know how exactly he company processes the data like for example it may use it for notifying them of various updates, or for marketing purposes or for sharing with third parties to get analytics or for advertising or to improve the content it provides or to even display and measure the services and ads.
4. Fourth, there must be a communications clause because at some point the need may arise for a business to get in touch with customers or alternatively, they might want to contact the business. Since the contact information would include personal information, this clause becomes important. It should tell them how and why business wishes to contact them and how they can opt out of the same.
5. Furthermore, there could be clauses regarding what happens to information in case of a transfer of a business to a new owner, a dispute resolution clause, a right to make changes to the policy clause pursuant to any changes in the laws, contact information of the business, a Cookies Policy (if the business uses one), a clause relating to third party access to information and data retention.