What a Privacy policy should cover?

A document that clearly explains what data you are taking from people and how you are using that data.
Every time somebody hands out their data to you, make sure that they have clear access to your privacy policy or fair processing notice.
What information is being collected?
Who is collecting it?
How is it collected?
Why is it being collected?
How will it be used?
Who will it be shared with?
What will be the effect of this on individuals concerned?
Is the intended use likely to cause individuals to object or complain?