Policy is a simplified and general document that lays the foundation for the work to be done. The policy document will include the company’s moral and ethics requirements and well as the governance that they what to instill as a business.

A company policy is an agreed statement by the employer of a decision it does not want to make again and again over time.  Example: what days we are open, what times we open and close, who gets how much vacation and sick leave, etc.  Once it is written as a policy it does not need to get discussed unless it relates to an exception.