I know its the boring part of the business, but honestly its embarrassing the amount of sites i see with the shopify template and the [[INSERT THIS HERE]] tags still visible for the public to see.
The templates are exactly that, a template for you to add or subtract what is needed for your business. They are NOT a completed policy that complies to the various legislations that a company legally needs to display on their website.
To add, there are people out there who actively seek out these errors and proceed with legal action, because the site owners do not have a leg to stand on, its an easy money victory for them.
So please, please cover your own asses and complete your privacy policies correctly to save yourself from potential lawsuits and bankruptcy further down the line.