Perhaps I am partial, but I would say absolutely.  While I do think you could get away with it, it sets the tone for all employees and really helps manage expectations on policies and procedures.  I would highly encourage you to put one together, even if you pulled a template off the internet to start with.  
Key components you may want to include:
1.  Equal Opportunity Employer
2.  Hiring Policy - typically have a three months test period.
3.  Personal Conduct
4.  Dress Code
5.  Communication policy (phone/email)
6.  Internet use policy
7.  Health and Safety
8.  Harassment
9.  Performance Policy
Make sure that all your policies comply with state and federal requirements.  
I also think its a great idea to ask your employees to take a look and think of ways to improve it.