Ownership of content: This specifies who owns the content that is included or shared on your site, and outlines how users may, or may not, use or share your content. Make sure to state if you own intellectual property rights, such as copyrights or trademarks, to any of the site’s content.
Limit liability: This is a disclaimer alerting users that you are not liable for any errors or inaccuracies in your web content. And if you allow users to post content or comments, you should state that you aren’t liable for any illegal, abusive, or defamatory posts generated by third parties.
Governing law: This states where your business is located and specifies which law (state or country) you are governed by in the event you are taken to court.
As tempting as it may be to simply copy and paste terms from another company’s website, this is a bad idea. For one, you may be liable for copyright infringement, but more importantly, if you copy terms from another company, they likely won’t properly protect your business if you wind up in court.