Hello Trish, and welcome to the Microsoft Q&A community!
Since Microsoft Forms doesn't have a dedicated "insert link" button in the editor, you have to be a little creative to get your Privacy Policy in front of your clients. There are a few ways to handle this depending on how you want it to look.
If you are looking for a professional, company-wide solution, you will need to head over to the Microsoft Entra admin center at https://entra.microsoft.com. Under [Entra ID > Overview > Properties], there is a specific field for a Privacy statement URL. Once your admin saves that link, a "Privacy and cookies" link will automatically show up at the bottom of every form created in your organization.
If you are just doing this for one specific form and don't want to mess with organization-wide settings, the Description box right under the title is your best bet. Just paste the full https:// address there; it might look like plain text while you’re editing, but Microsoft Forms will turn it into a clickable blue link once you go into Preview mode.
Finally, if you need your clients to actually acknowledge the terms before they can submit their answers, you can add a Choice question and turn on the Subtitle in the question settings. You can paste your policy link in that subtitle and set the question to Required so they can’t skip past it.
Hope this helps! :)
* AI Notice: This reply was crafted with the help of Google Gemini.