Hi there,

Raad here from LawTrades (on-demand legal service for startups).

If you're looking for a fast and affordable way to get those drafted by experienced legal professionals, then have a look at http://www.lawtrades.com. It's free to request price quotes and you're in no obligation to hire. We've processed dozens of Terms of Service and Privacy Policies for bootstrapped startups.

But if you're pursuing the free route, then a simple google search will yield you a bunch of free templates.

The problem is those boilerplate templates may not cover all the rules a user must abide by in order to use YOUR particular service. This leaves you with adding in terms which may or may not appropriately address all of your businesses legal issues.

Some of these topics include:
Definitions of certain keywords
Accountability for actions/conduct
Opt out policies
Payment details
Procedure
Clarifying the sites legal liability
Notifying the users of any modifications of terms

In the meantime, here's a helpful guide about protecting your website from liability: http://blog.lawtrades.com/protect-website-liability/