In addition to a Time Machine backup and/or cloud backup, it’s also recommended to have a clone of your Mac. A clone is an exact replica of your hard drive that is bootable – that is to say, you can boot up your Mac from your clone should your hard drive ever fail (hold down the Option or Alt key on your keyboad while your Mac is booting up to choose the clone drive as the startup drive). It’s also good practice to clone your hard drive before making any major software changes or upgrades. This way, you can always go back to the original version should something go awry.
There are a couple of excellent and easy-to-use disk cloning tools available for the Mac . The two most popular are Carbon Copy Cloner, available at http://www.bombich.com for $39.95 and SuperDuper, available at http://www.shirt-pocket.com for $27.95. My personal favorite is Carbon Copy Cloner but many folks prefer SuperDuper.
You can download a trial version of each of them to test them out before buying. In addition to cloning your Mac, they both include options to create scheduled incremental backups.